Green Tax Credits: An Insight

Going green is not just in but also helps you save money in the form of tax credits. Multifamily property owners get certain benefits in the form of tax exemptions, otherwise known as ‘tax credit’ for undertaking environment friendly renovations. Tenants are also ready to pay a handsome rent for such environment-friendly homes as these properties are not only pro-environment but also energy efficient.

Important Considerations in Regard to Tax Credit
It’s, however, advisable to be aware of a few things when dealing with tax credit. The term ‘credit’ does not imply that the government pays property owners for going green; tax credit is a deduction in the total amount of property tax owed by the property owner to the federal government.

Different tax credit norms apply to various fixtures like doors, windows, insulation, roofing, solar energy systems and so on. For instance, you qualify for a 30% return of the cost (including installation) for installing a photovoltaic system.  The maximum amount of tax credit one can gain is $500 and dates back from 2006-07. This implies that if you have already received tax benefit of $500 in 2006 you are not eligible for additional tax credits. On the contrary, if you have received a tax credit of $300 in 2006, you are still eligible to get $200 tax credit.

Tips To Get Maximum for Green Tax Credit
You need to hire certified professionals for renovating the property in order to manifest green tax credit or else you may not qualify for it. If you hire someone who does not have a proper license, you might be disqualified for a tax credit. Green Tax Credit is something both builders and property owners qualify for, so it’s sensible to ask contractors about the renovations that will earn you credit.

There may be some local ordinances regarding green tax credit, so it’s sensible to hire someone who deals with and possesses tax related knowledge of nationwide multifamily renovation processes. When you plan to install a major appliance, ensure that you get information about the appliances that qualify for tax credit. Green renovations are not the only thing associated with tax credits, you may also get local rebates for various energy, water efficiency. It is, however, sensible to take the help of an experienced and reliable renovator in the same regard.

The rules relating to tax rebates for green construction keep changing with time. For instance, several of these benefits were withdrawn for a brief period in 2008 but were applicable again from 2009. It’s advisable to check the currently applicable rules, before commencing with the construction or renovation.

Conclusion
There are many benefits of green construction are multifold and extend to energy efficiency, increased market value and of course, tax credit. Laws relating to tax credit are, however, closely connected to state laws, federal laws, and contractual obligations with the builders involved.

Green Roofing-A Smart Option for Property Owners

Green roofing is both aesthetically appealing and environment friendly which makes it highly popular among people looking for accommodations for rent or purchase. An important prerequisite for multifamily housing contractors is to be well-versed with the green roofing options available in the market. On that note, we will discuss some of the prominent green roofing options for multifamily property.

Tiles
The USP of tiles is that they can last up to a lifetime, especially, if you live in the warmer areas. The key to the green status of tiles depends on its ability to be recycled, composition and shape. Available in a wide range of colors, the thermal mass of tiles helps in keeping the air inside cool especially during hot summer days.

Single Ply Thermostat
It consists of roof membrane that have been derived from natural gas and oil. These roofs are ideal for a multi family property as they are well sealed and keep the buildings insulated. These are good at withstanding the damage caused by sunlight. It is advisable to use lighter colors as they act as better insulators to keep the temperature low during summers.

Shingles
Shakes are quite a popular choice for roofing materials. Engineering and installation, however, play vital roles in determining the level of reflectiveness of shingles and not all nationwide multifamily construction projects are taken care of by proficient workers who consider these essential aspects during the construction phase. Reflective pigments is also an additional way to improve the green qualities of shingles.

Roof Pavers
Pavers come in many shapes and forms, and even the least environment-friendly ones reflect around 78% of the UV rays. In addition to this, roof pavers also provide aesthetic appeal to your multi family property. The pavers also come with insulation benefit and are great for little areas such as the balconies as it provides insulating benefits too.

Metal
Metal roofs are environment friendly and add aesthetic appeal to your property. It is a coated metal that has a light colored paint with a reflecting pigment. High level of resiliency is an additional benefit of using metal roofs.

Those were 5 green roofing options that can help you increase the market value as well as aesthetic appeal of your multifamily building. You need to get in touch with a multifamily building contractor in order to choose a green roofing option for your multi family property.