Deciding to go solar requires a roof in good condition to pass a solar installer’s site inspection. Many homeowners have declined solar energy because their roofs need replacing, and they can’t afford to buy both. One of the benefits of going solar is there is some financial relief through the ITC tax credit for a roof replacement. It doesn’t cover the cost of a new roof, but it certainly helps.
Many homeowners don’t even consider solar when they’re shopping for a new roof. They might want to reconsider their decision because they can save 30% off a new roof. Solar and a roof packaged together in a single purchase qualify for the ITC Tax Credit. A 30% tax credit isn’t available for a roof replacement but packaged with solar it qualifies. In addition to a 30% tax credit for a roof, the profit from solar can subsidize the cost of a roof.
Disclaimer: You Must Seek Expert Advice for the ITC Solar Tax Credit Because No Two Homeowners’ Income Taxes are the Same. Consult with a Tax Expert to Determine if You Qualify for the ITC Tax Credit and How Much You Qualify for Per Year.
A new roof doesn’t make money, it just protects a home from depreciating. On the other hand, home solar is very profitable and the profit from it can offset the cost of a new roof. The cost of a roof replacement and solar is comparable, but the long-term profit from solar can more than cover the cost of a new roof. Not every situation is the same, but one thing is for certain, a bad roof has to be replaced. The cost of both greatly depends on whether you pay cash or finance a roof and solar package. If you have an excellent credit score of at least 640 or greater you can qualify for 100% financing for the solar package. If you do 100% financing for solar you are trading your monthly power bill for a monthly roof and solar payment without any money out of pocket.
With a new roof, a homeowner won’t be concerned about any inconvenience of replacing a roof after solar panels are installed. A new roof and solar panels combined is the perfect scenario for going solar. So long as a homeowner qualifies for the 30% ITC tax credit, they can save 30% of the cost of a new roof and home solar. A roof in Florida costs over $15,000 and a 30% Tax Credit is an additional $3000 savings in addition to the 30% savings on solar equipment and installation. Solar panels and a new roof combined would have a $9000 tax credit for a $30,000 order, and that’s some serious money you might not want to leave on the table.
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