The US government provides tax incentives for homeowners who are building or renovating homes using energy efficient building materials. If you plan to install a metal roof in the course of the next year, the good news is that it qualifies you for a Residential Energy Tax Credit.
The tax credit for roofs is effective through December 31, 2013, so you still have plenty of time to learn more about metal roofing products and install one that best meets your particular needs.
If you qualify, you would receive 10% of the cost (not including the cost of labor/installation), up to $500
HOW TO QUALIFY?
There are a number of criteria your roofing project must meet in order to qualify for the tax credit.
You must install the roof between January 1, 2011 and December 31, 2013
You must install the roof on a home that you own
You must install the roof on a home which is your PRINCIPAL RESIDENCE: meaning you live in this home most of the time, and you do not use this home as a rental property.
Metal roof you install must be a “reflective roof”, with an appropriate pigmented coating, bearing an Energy Star Label. Click here to view a list of metal roofing manufacturers and products that qualify.
You must provide a Manufacturer’s Certification Statement. This is a signed statement from the manufacturer certifying that their roofing product qualifies for the tax rebate. If you manufacturer qualifies, this statement can be found on their website. You do not need to submit a copy of this statement with your tax return, but you should keep it for your personal records.
HOW TO APPLY
To apply for the Residential Energy Tax Credit for your new metal roof, fill out Form 5695 and file it with your tax return.
TAX CREDITS FOR SOLAR PANELS
If you have also installed solar panels on your new metal roof, you qualify for an additional tax credit equal to 30% of the cost. Eligible installations are from January 1, 2009- December 31, 2016, so if you have not yet installed solar panels on your roof, you should consider installing them over the next three years to take advantage of the credit and save money on the installation. The cost and installation of solar panels can be very expensive, from 18-20K+, so saving 30% will put a hefty sum back into your pocket. You can apply this credit on system installed either on your primary residence or your second home. Moreover, you can carry this tax credit into the future years, until 2016.
TAX CREDITS FOR NEW HOMES
If you are building a new home, you do not qualify for either the metal roofing or the solar panels federal tax credit. However, the good news is that there are a number of other tax incentives available to you through 2016.
You would qualify for a 30% tax credit (including labor and installation), with no upper limit, for the following products installed in your principal residence:
Solar Water Heaters
Geothermal Heat Pumps
Small Wind Energy Systems
Fuel Cells (up to $500 per .5 kW of power capacity)