Installed metal roof (R-Cool paint coating)
I was told that this qualifies for an energy credit (of up to $500?). The roof cost $30K. Where am I able to file this? Form 5695 does not seem to have any clear place to plug this in (nor do I know how to even find this form on FreeTax at this point). Please advise!!
Answers
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The credit for metal roofs expired in 2021.
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Hi Dave, thank you. I just had this article (posted by what looks like an ABC news affiliate) titled: Metal Roof Tax Credit for 2023 and 2024 Extended: Offering Incentives to Homeowners. So I wanted to file for it and see if it gets approved and didn't what to do just to be sure.
https://www.news10.com/business/press-releases/ein-presswire/646077419/metal-roof-tax-credit-for-2023-and-2024-extended-offering-incentives-to-homeowners/0 -
Hi justinebug!
Great question — energy credits can be a bit tricky, especially when it comes to roofing materials. Here's some clarification that should help:
You're right that Form 5695 is used to claim energy efficiency credits, but not all roof upgrades qualify, even if they're energy-efficient. For many years, only certain metal and asphalt roofs with specific cooling granules qualified, and those were part of the nonbusiness energy property credit, which expired at the end of 2021.
However, there was a big update with the Inflation Reduction Act, which extended and expanded energy credits starting in 2023. But — and this is the key part — not all roofing materials qualify under the new version either. Roofs are not considered eligible under the new "Energy Efficient Home Improvement Credit" unless they include insulation or solar-related components.
The article you referenced suggests that tax credits for metal roofs have been extended into 2023 and 2024. However, it's important to note that this article is a press release and not an official IRS publication. For accurate and official information, it's best to consult the IRS directly.
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