Mattoon Roofing: Article About Tax Credits For Green Roofing
Environmentally conscious consumers who elect to install a green roofing system on their residences are starting to really reap some benefits for their commitment to the environment. There is a number of federal, state and local programs that can help interested property owners offset the initial costs of installing approved green roofing materials on their homes. A GAF certified Mattoon roofing contractor can advise home owners on the availability of products and the initial costs, but a quick review of the kinds of incentives that are available may help property owners realize the greatest benefits.
The federal government offers a 30 percent tax credit, calculated on the cost for the purchase and the installation, for approved roofing systems. Solar shingles are one of the most popular choices, but other types of roofing materials may qualify as well, including some metal, composite, or even wooden or asphalt shingles depending on their composition. A credit reduces the actual amount of taxes owed, so in order to be eligible, the property owner has to have a tax liability. If the amount of liability owed is less than the 30 percent, the remaining credit can be rolled over and claimed in the next tax year.
State governments vary widely in the types and percentages of incentives that they offer, but the good news is that a homeowner can claim the full amount of both the state and the federal credit in the same tax year.
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Additionally, individual cities and utility companies may offer a rebate as incentive. However, any rebate or incentive that isn't state or federal should be accounted for on the tax filing forms. Utility or other rebates will most likely reduce the amount of credit that can be claimed, but they also reduce the initial cost, so there is still a significant savings.
Tax incentive percentages are calculated on the total cost of the installation, not just the roofing product itself. For example, if a new type of decking is required for the desired energy saving roof installation, then that amount would be part of the overall expense and factored into the 30 percent savings at the federal level as well as any state savings as well. Upgrades to existing systems should qualify as well.
To maximize savings and to assure compliance with the tax law, it is always a good idea to consult a tax professional so that they can provide advice on very specific, and sometimes complex, personal situations. However, this general information may help homeowners know where to seek out and find out how to get started on all the available benefits.