A few months ago my wife decided we needed a new roof. My thoughts were that we should wait for a hail storm and have the insurance company pay for the roof. But this argument didn't get too far, since the last significant hail storm in San Antonio, TX was in 1994, at which time we earned a new roof courtesy of our insurance company.
Having yielded to the idea of putting on a higher quality roof than what we currently have, I then checked on the possibility of getting a tax credit to cover part of the cost. I talked to a few San Antonio roofing companies and was told that I couldn't get credit for a new roof, but installing extra insulation, and radiant barrier protection would earn a credit. Extra expense, but using the suspect logic that it would lower my utility bill significantly, I made the extra investment for the radiant barrier and insulation. An added benefit of the insulation was an incentive offered by my utility company, which amounted to a $280 reduction on future utility bills, which has already been credited to my account.
After having the above work done, while doing a google search for new windows, which was the next item on my wife's list, I ran across an article that implied that some new roofs, if they satisfied a higher rating criteria, might meet the criteria set by the government for getting the tax credit. Too late for me, but if you're considering a high-quality roof, it might be worth researching.
Back to the windows. I had already (without my wife's prodding) decided on new windows. After all, if you're going the energy-star, money saving route, new state-of-the-art windows had to be part of the project. I called the company that had done an outstanding job on my roof at a very competitive price, to get an estimate on windows. The price they quoted was way above what I wanted to pay (more than the roof) so I contacted a major window company that promised to beat any other estimate. Bottom line: they came in at a price that was close to 50% less than the original estimate. And the best part is that the windows qualify for the 30% energy tax incentive, which will reduce my cost by $1,500.
Well, I'm still spending a bundle for the new windows, but psychologically, I've convinced myself that I saved thousands of dollars by getting a second estimate. So, I'm happy. If my utility bill drops 30% this summer, and if I live for 30 more years, it will have been a worthwhile investment.
Click here for more information on home improvement tax credits.
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