(Even darker color metal roofs are more energy efficient and may be eligible for a tax credit, such as this one from MRA member Drexel Metals)
PORTLAND, Ore. —Good news for homeowners looking to save money by installing an energy efficient metal roof this year: the Federal Property Tax Credits incentive for doing so have been retroactively extended until Dec. 31, 2020.
To take advantage of the tax credit, homeowners must complete an additional IRS form (#5695) and the maximum credit limit for roofing (in combination with all other applicable upgrades) is up to $500. For homeowners who may have installed a qualified metal roof as early as 2018 but who did not submit for a tax credit at the time, there is still an opportunity to receive a credit retroactively by completing the form.
The tax credits recognize the powerful energy savings potential of quality metal roofs, many of which are ENERGY STAR-qualified and can help save energy by lowering roof temperatures. Known as “Cool Roofs,” today’s metal roofs come in a variety of surface finishes, profiles, textures and substrates and high-performing paint colors that can emit as much as 85 percent of solar heat gain to help keep homes cooler. In fact, the Environmental Protection Agency estimates that an ENERGY STAR-qualified roof can lower roof temperatures by as much as 50 degrees F. Even a basic, unpainted metal roof will reflect more non-visible, infrared and UV sun rays than an asphalt roof. That’s essential because those are the kinds of solar rays that produce the most heat and cause wear and tear on a home.
“Research indicates that homeowners can save up to 40 percent on annual energy costs by selecting the right type of roof,” said Renee Ramey, MRA Executive Director. “Combined with the potential for a tax credit, installing a long-lasting, better performing quality metal roofs makes perfect sense for homeowners who want to save in the short-term as well as over the long run.”
For more information about tax credits that may be available for cool metal roofing and requirements, visit https://www.energystar.gov/products/building_products/roof_products