If you have recently re-roofed your home are considering the possibility of installing new asphalt or metal roofing, you may be eligible for 2010 or 2011 federal tax credits. If you have chosen Energy Star–qualified materials, you may be able to take advantage of the 2010 U.S. federal tax credits of up to $2500 on your 2010 taxes for roofing installed by December 31, 2010, or lesser 2011 tax credits of up to $500 for roofing installed from January 1, 2011 and December 31, 2011.

What is covered? Any metal or asphalt (including shingles and modified bitumen rolled roof product) roofing material that has appropriate pigmented coatings specifically and primarily designed to reduce the heat gain of a dwelling unit when installed. Roof coatings alone are not eligible for the credit. The material must meet or exceed Energy Star–program requirements in effect at the time of installation. The material must be installed on your principal residence and be expected to last five years or have a two-year warranty.

The amount of the 2010 federal tax credit is 30% of the cost, up to $1,500 (does not include installation costs). The material must be placed into service between January 1, 2009, and December 31, 2010. The 2011 tax credit will cover 10% of the cost, up to $500 and --again-- does not include installation.

A Manufacturer’s Certification (a signed statement from the manufacturer certifying that the product qualifies for the tax credit), which is often available from the manufacturer’s website, should be kept in your files along with your receipt. When filing, submit IRS Tax Form 5695 (version 2010) with your tax return.