When running a business, it's important to weigh the costs and benefits of every expense before you make the purchase. So, if you're considering upgrading the roof on your commercial building, you're likely trying to decide if the benefits outweigh the expense of the upgrade. While you're making your pros and cons lists, be sure to keep the following perks of a commercial roof upgrade in mind.
If your commercial roof is old and outdated (and it probably is, if you're considering a replacement or restoration), then odds are it's not very energy efficient. Modern roofing is designed to be more energy efficient than older materials. Not only are they better designed to keep your heated or cooled air inside, but many older roofing materials tend to absorb heat, driving up the interior temperature of your building; if you get the right roofing upgrades, you can keep the roof cooler, and keep the inside of your building cooler too. This will help to reduce your HVAC costs every single month, which can help that roofing upgrade to pay for itself over time.
Even if your old roof is structurally sound, a lot of older materials just don't have the same fire safety rating as newer roofing materials. Upgrading to a newer, more flame resistant roofing material will improve the overall safety of your building. And when you make your building safer, you could even see a decrease in your business's insurance expenses--another way that a roofing upgrade can pay for itself as the months pass.
When you're weighing the expenses of upgrading your roof with the benefits you'll get, don't forget to consider the tax benefits of the upgrade. Restoring a commercial roof is considered a maintenance expense, which means you can deduct it as a business expense on your tax return. While it might not reduce the upfront cost, it does reduce the overall cost of the roof restoration when it comes time to file your business return.
Credits and Rebates
On another tax-related note, be sure to look into any tax credits and rebates that may be tied to your roof upgrade. As mentioned above, many modern roofing materials are much more energy efficient, and this may qualify you for certain credits and rebates, such as ENERGY STAR®, on your tax return. This is another great way to reduce the overall cost of the building upgrade.
Often, when you have your business's roof upgraded or restored, you'll get an additional warranty from the manufacturer. This can help you to avoid a lot of repair expenses down the road, and protect your business from large bills that you may have had to pay with your old roofing system. Be sure to ask the company you use about their warranties, as well as any limitations on it.
While upgrading your commercial roof is not a small expense, it can be a smart purchase when made at the right time, and when you take advantage of all of the perks. So be sure to keep the perks mentioned above in mind, and you'll be able to make the right choice when determining whether or not to upgrade your commercial roof.