Homeowners installing qualified roofs in 2011 may be eligible for a tax credit worth up to 10% of the materials cost (not including installation), up to $500 per home.
As part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, homeowners who install a cool metal roof during 2011 that meets Energy Star requirements can claim a tax credit for 10% of the cost of the materials, up to $500. The credit excludes any installation costs, and must be substantiated by a Manufacturer's Certification issued from the company that manufactured the roofing materials.
New in 2011 - $500 cap for years 2006-2011
There is also now a $500 cap on the credit for the years 2006 through 2011 combined. If the credit has ever been claimed during this time frame, it counts against the $500 limit.
The roof needs to be placed in service between January 1, 2011 and December 31, 2011, on a homeowner's primary residence. The metal roof needs to meet Energy Star's criteria for an energy efficient reflective roof as follows:
Low Slope (≤ 2:12 inches)
Initial Solar Reflectance ≥ 0.65
3rd Year Solar Reflectance ≥ 0.50
Steep Slope (> 2:12 inches)
Initial Solar Reflectance ≥ 0.25
3rd Year Solar Reflectance ≥ 0.15
TE reading is required, however there is no minimum number.
An overview of Energy Star's Reflective Roof Products program, including a list of certified roof products is available at www.energystar.gov/index.cfm?c=roof_prods.pr_roof_products. Not all roofs or colors will qualify for the credit, so it's important to research any purchase carefully.
Taxpayers must keep a copy of the Manufacturer's Certification statement they will receive from the roof manufacturer for their records, but do not have to submit a copy with their tax return. Homeowners should seek professional tax advice if they have further questions about what is eligible.
The proper IRS form to fill out to claim this credit is IRS Form 5965, and is available on the IRS web site at www.irs.gov.
For further information, please visit the following websites:
www.energystar.gov/taxcredits
www.irs.gov