NJ Best Roofing: Your Partner in Saving Money and Energy with the Inflation Reduction Act of 2022
If you're thinking about repairing or replacing your roof, you may be wondering how to save money on this costly project. Fortunately, there's a new law that can help you reduce your expenses and lower your energy bills at the same time.
The Inflation Reduction Act of 2022 is a law that was signed by President Biden last year to address climate change and provide incentives for energy efficiency and clean energy. One of the provisions of the law is the Energy Efficient Home Improvement Credit, which is a tax credit for homeowners who install certain energy-efficient improvements in their homes.
What is the Energy Efficient Home Improvement Credit?
The Energy Efficient Home Improvement Credit is a tax credit that covers up to 30% of the cost of energy upgrades, with a cap of $1,200 per year. Starting in 2023, the credit is equal to 30% of the costs for all eligible home improvements made during the year. The tax credit will help millions of families unlock an additional average savings of $9,000 on their electricity bills over the life of the system.
Unfortunately, investments in roofs will no longer qualify for the credit after 2022. However, if you act fast, you can still take advantage of this opportunity and claim the credit for your roofing repairs or replacements this year.
To qualify for the credit, you need to install certain types of roofing materials that meet the Energy Star program requirements. These include metal roofs with appropriate pigmented coatings and asphalt roofs with appropriate cooling granules. You can find a list of qualifying products on the Energy Star website.
Some examples of qualifying products are:
​Product Name | Product Type | Manufacturer |
Asphalt Shingles | ||
Asphalt Shingles | ||
Asphalt Shingles | ||
Asphalt Shingles | ||
Metal Roofing | ||
Membrane Roofing | ||
Roof Coating |
You also need to make sure that your roofing contractor is licensed and certified by the manufacturer of the roofing material. This will ensure that your roof is installed properly and meets the performance standards required by the law.
To apply for the credit, you need to fill out Form 5695 PDF and attach it to your federal income tax return.
You also need to keep receipts and manufacturer's certification statements for the energy-efficient improvements you make.
Why Choose Energy-Efficient Roofing?
Energy-efficient roofing is not only good for your wallet but also good for your home and the environment. Here are some of the benefits of choosing energy-efficient roofing:
Lower energy bills: Energy-efficient roofing reflects most of the sun’s ultraviolet rays, lowering roof surface temperature by up to 50 degrees Fahrenheit. This, in turn, cools the entire home, saving on home heating costs. Cool roofs can also reduce peak cooling demand by 10 to 15% through better insulation from the heat.
Longer roof lifespan: Energy-efficient roofing reduces thermal stress on your roof, which can cause cracking and deterioration over time. By keeping your roof cooler, you can extend its lifespan and avoid costly repairs or replacements.
Improved indoor comfort: Energy-efficient roofing helps maintain a comfortable temperature inside your home without relying too much on air conditioning or heating systems. This can improve your indoor air quality and reduce health risks associated with extreme temperatures.
Reduced greenhouse gas emissions: Energy-efficient roofing reduces your home’s carbon footprint by lowering its energy consumption and demand. This can help mitigate climate change and its negative impacts on our planet.
How NJ Best Roofing Can Help You with Your Roofing Needs and Save You Money with the Inflation Reduction Act
NJ Best Roofing is more than just a roofing contractor. We are also your partner in saving money and energy with the Inflation Reduction Act. We have over 20 years of experience in providing high-quality roofing services to our customers. We use only the best materials and follow the best practices to ensure your satisfaction and safety. We can help you with any roofing needs you may have, whether it's repairing or replacing your roof, installing solar panels, adding insulation, or anything else related to your roof. We can also help you choose the best energy-efficient roofing option for your home and budget. We can also install your roof with the highest standards of quality and efficiency. We will provide you with all the necessary documentation and guidance to apply for the Energy Efficient Home Improvement Credit and save money on your taxes.
Contact us today for a free estimate and consultation. We'll help you make the best decision for your roofing project and lower your energy bills with the Inflation Reduction Act. Call us now at (phone number) or visit our website at njbestroofing.com.
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