San Francisco Industrial Re-Roofing Credit
Whether you’re a property owner or landlord of Bay Area condominiums, you’ve heard enticing news. Adding onto or replacing your commercial roofing system can qualify you for a federal energy tax credit of $500. What’s the scoop on this tax credit? Will you qualify? What are best practices?
Whether you’re involved in a commercial roofing enterprise or residential roofing, the government wants you to engage in energy efficient practices to reduce energy waste.
To claim a credit, you need to fill out IRS Form 5695, and your application must meet other key parameters. You can get a credit for up to 10% of the money you spend on improvements, up to $500, if you installed your roof by December 31, 2013. Save documentation of any money you spend on equipment, services, and the roof work itself. Not all roofs – even roofs with the Energy Star seal – will qualify for the federal tax credit. The team here at Ben’s Roofing can help you identify a strategy to maximize your credit.
Installing an asphalt roof, on average, will cost you $18,900, according to a recent Remodeling Magazine survey, and the work should last you two decades. Metal roofs cost more, but they also last longer – generally up to 50 years.
Of course, the size of tax credit is just one small piece of your overall “roof cost benefit calculation.” You also need to consider the nature of the protection that you need to get; repairs you need to get done; and insurance, environmental, and state or local code considerations.