As a result of the Emergency Economic Stabilization Act of 2008 (H.R.1424), homeowners who install an Energy Star® labeled metal roof in 2009 may be eligible for a tax credit up to $500.
Specifically, the Energy Improvement and Extension Act of 2008, which was attached to H.R. 1424, provided extensions to The Energy Policy Act of 2005. This allows for a tax credit for homeowners who install qualified energy-efficient improvements to an existing home in 2009.
The tax incentive pertains to “qualified energy efficient improvements” which are, as defined by the new law: “any energy efficient building envelope component which meets the prescriptive criteria for such component established by the 2000 IECC (or in the case of a metal roof with appropriate pigmented coatings which meet the Energy Star® program requirements. An Energy Star-labeled metal roofing system has at least 65% solar reflectance for low-slope roofing and 25% solar reflectance for steep-slope roofing.
What is truly great about this news is that a $500 tax credit is truly an extra $500 in your wallet. Tax credits are subtracted directly from a consumer’s total tax liability. Therefore, a credit has a higher value than a deduction. For example, if a homeowner is in the 28% tax bracket and earns a $500 credit on his new, energy-efficient metal roof, the result is equal to a tax deduction of approximately $1,785.50.
UPDATED Feb. 2009
As a result of the Stimulus Package signed in February of 2009, homeowners who make energy efficient updates to their home—the installation of an Energy Star® labeled metal roof included—between January 1, 2009 and December 31, 2010 may be eligible for a tax credit worth 30% of the installation costs (materials only) up to $1500 per home.