If you own a business, “Can I save money on taxes with an energy efficient roof?” is great question to ask. The answer is a definite YES! State, local, and national government continuously striving for new and innovative measures for energy consumption owing to the scarce availability of natural resources necessary in the generation of energy. Though these are being researched, unless it is beneficial to an individual, he/she is unlikely to undertake and follow the government’s measures. This has led the governments to announce a tax credit for energy efficient roofs.
In the United States, a 30% tax credit of the total cost of roof materials is provided by the government. This has a limit of $1500 and this does not include the installation or the labor costs. Hence this is suitable for repairs in the later stages. This rule has been recently passed in 2009.
President Obama has included these tax credits for environmentally-friendly buildings as a part of the economic stimulus plan to reward homeowners who undertake energy saving home repairs and retrofits in the form of tax incentives. These projects are generally referred to as “Federal Energy Efficiency Tax Incentives.”
In order to take advantage of such incentives, solar reflective metal or asphalt roofing must be installed. If the total cost falls below $5000 threshold throughout 2010, an energy efficient roof can save you a significant sum when the tax season arrives next year.
However, this law is effective between 2009 and 2010 alone. Therefore, it is necessary to take the necessary measures as soon as possible within the end of 2010 and claim the tax credit.
Other than the tax credit, there are also other financial advantages of making the switch to energy-efficient roofing, such as lower heating and cooling bills for Energy Star qualified contractors. These roofs are reflective and high emissive in nature stating that the energy necessary for air conditioning the buildings can be saved thus resulting in money savings as well as preservation of environment. An energy-efficient roof is a smart idea for your business.