When President Bush recently signed into law the $700 billion Emergency Economic Stabilization Act of 2008 (H.R. 1424), one of the bill’s provisions extended the tax incentives for cool metal roofing and other renewable and energy efficiency improvements.

The new act extended the tax perks originally offered by the Energy Policy Act of 2005. The 2005 Act created a $500 tax credit for homeowners who installed Energy Star approved prepainted metal roof systems. The 2008 Act extended the incentive to homeowners who add the approved roof systems in 2009.

Cool metal roofs save on more than just taxes. The properties of coil coated metal and cool pigments combined in a roofing system can save up to 40 percent in cooling costs, provide a wide selection of styles, textures and colors, and offer a green alternative to existing roofing systems. Cool metal roofs are sustainable, are made from 25 percent to 100 percent recycled materials, resist harsh weather, are 100 percent recyclable, and lead to a substantial reduction in landfill deposits.

The Energy Improvement and Extension Act also included the Extension of Energy-Efficient Buildings Deduction, now valid until December 13, 2013. Currently, taxpayers can deduct the cost of energy-efficient property installed in commercial buildings. The amount deductible is up to $1.80 per square foot of building floor area for structures achieving a 50 percent energy savings. To qualify, the energy savings must be attained through power and energy cost reductions for the building’s heating, cooling, ventilation, hot water, and interior lighting systems.

Specifying prepainted metal building panels, roof systems, doors and windows can help achieve these energy efficiency goals, meaning building owners can trim even more off their tax bill, in addition to the substantial energy cost savings.