Roof replacement is one of the biggest home improvement projects. It requires a costly investment because of the time, materials, labor, and budget it needs. With this, homeowners are left to question whether a roof replacement is worth the splurge.
Instead of looking at the expensive costs of the project, homeowners should consider the silver lining of the situation. Replacing a roof makes a great return on initial investment.
So if you are interested in increasing your home’s curb appeal and value, you may want to consider government-assisted funding programs.
You can now enjoy your newly-installed asphalt shingles without having to carry the burden of the roofing costs. Maximize savings through energy efficient materials and find out how to double roofing investment returns with the right funding assistance.
Energy-Efficient Roofing Incentives
The Department of Energy and U.S Environmental Protection Agency grant energy-efficient roofing incentives. This is in compliance with the energy standards imposed by the Internal Revenue Service.
The Database of State Incentives for Renewable Energy (DSIRE) contains the necessary information about the state, local, utility, and federal incentives.
1. Energy Star Rebates
You may avail of the monetary offers, rebates, and discounts based on your location. Be sure to visit Energy Star’s Rebate Finder to see if you are qualified.
2. Residential Energy Efficient Property Credit
Property owners with solar roofing tiles and shingles installed before January 2021 are eligible for this tax credit. You may visit the IRS’s page on energy incentives to find out more about this.
Government Assistance to Families with Low-Income
The federal government grants families belonging to the low-income bracket funding options for their roofing upgrades and repairs.
1. U.S. Department of Agriculture Programs and Grants
The USDA is specific for roofing repair services. The amount that will be granted to the family is determined by the severity of damage that requires service.
You may address your questions to the local representatives or RD State office.
2. Weatherization Assistance Program
This assistance program aims to increase the energy efficiency of homes and reduce energy costs. However, it does not cover roofing installations or replacements. It helps families cover minor leaks on roofs or address any insulation-related work. You may check your eligibility at the nearest state weatherization agency.
3. Housing Improvement Program
The U.S. Department of the Interior Indian Affairs offers this roofing repair incentive to American Indians and Alaskan Native families. Interested homeowners can visit the nearest housing office. Fill out the BIA Form 6407 to apply.
Other Loaning Options
1. Federal Housing Administration (FHA) Title I Loans
The FHA Title I Loan is granted to homeowners who have an established income, good credit line, and limited home equity. This loan can help homeowners secure the necessary funds without an accumulated credit card debt.
2. 0% Annual Percentage Rate Credit Card
This option is for those who opt to do staggered payments on their roofing projects. The 0% Annual Percentage Rate (APR) credit allows homeowners to divide the project cost into 12 monthly payments.
3. Home Equity Line of Credit (HELOC)
The Home Equity Line of Credit (HELOC) can be used for big home improvement projects including roofing installation and repair. Moreover, this incentive allows the credit owner to use his or her home as collateral.
4. Personal Roofing Savings
If you have a dime to spare from your savings, this is another option you could consider. Allotting a specific budget for your roofing project will help you pay off the large costs of roofs.
Replacing your roof does not seem as costly with the numerous funding assistance available. We can truly say that the benefits outweigh the costs by positively increasing the initial investment returns. The Home Pros US hope you’ve learned a thing or two on how to double your roofing investment returns. If you have plans of renovating your home, click the “Free Quote” button below for a free estimate.