Green Daily

Did you install a new roof on your primary residence in 2007? If you did you may be able to save 10% of the costs for the materials up to $500 in tax credits as long as the materials used were qualified ENERGY STAR products. For example, if the roofing materials cost your $4,500, you would able to take a tax credit of $450.

ENERGY STAR reflective roofing reflects more of the sun's rays and can lower roof surface temperatures by up to 100F, which decreases the amount of heat transferred to the building. These materials can lower your air conditioning costs by 10% to 15%.

In order to qualify for the roofing write off, the roof must be expected to last 5 years or have a 2-year warranty. You can't take this write off on a second home or vacation home. You also can't include Installation costs when you figure the write off. You also must have a manufacturer's certification statement that the roof materials meet ENERGY STAR requirements, so save your receipt and the manufacturer's statement. If you don't have proof that your roofing materials, contact the company that did the installation. If the roofing materials do qualify, your installer should be able to supply you with an ENERGY STAR certificate.

Want to save money next year?

Check out the Green Daily Guide to Home Energy Efficiency. Get money-saving tips, tricks, and how-to videos for every homeowner. Not only will you save on your utility bill, next year you may be able to write it off your taxes too if legislation now pending in Congress passes to extend the tax credits to 2008!