Yes, the credit is still 10% of the cost, up to $500, or it may qualify for 30% up to $1,200,for qualifying improvements. The roofing improvements that qualify may be entered under solar electric costs or solar water heating costs, or as insulation.
Installing a metal roof doesn't automatically qualify for the Residential Clean Energy Credit. However, if you invest in certain types of solar roofing equipment like solar roofing tiles and shingles which serve as both a form of solar electric generation and traditional roofing, such investments can qualify for the credit.
Roofs (Metal and Asphalt) – A credit of 30% of the cost, up to $500, is available for roofing materials that meet the requirements and have the proper pigmented coatings and cooling granules. This credit does not cover installation costs.
You may be able to take a credit of 30% of your costs of qualified solar electric property, solar water heating property, small wind energy property, geothermal heat pump property, battery storage technology, and fuel cell property. Include any labor costs properly allocable to the onsite preparation, assembly, or original installation of the residential clean energy property and for piping or wiring to interconnect such property to the home. The credit amount for costs paid for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity of the property.
Qualified solar electric property costs.
Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States. No costs relating to a solar panel or other property installed as a roof (or portion thereof) will fail to qualify solely because the property constitutes a structural component of the structure on which it is installed.
Some solar roofing tiles and solar roofing shingles serve the function of both traditional roofing and solar electric collectors and thus serve functions of both solar electric generation and structural support. These solar roofing tiles and solar roofing shingles can qualify for the credit. This is in contrast to structural components such as a roof's decking or rafters that serve only a roofing or structural function and thus do not qualify for the credit.
See the IRS Instructions for Form 5695 and this TurboTax help article for more information.
[Edited 02/10/24| 3:38pm PST]
@nottap63 (edited)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
