If you’re the owner or manager of a commercial facility in need of a new roof, you might be stressing about the costs involved. While installing a new roof is often preferable to repeated repairs on a commercial property, particularly as it related to employee happiness and productivity, it’s true that it’s more expensive to replace a full roof instead of repairing it.
At The Roof Doctor, we’ve helped a wide variety of businesses with their commercial roofing needs, even when price has been an initial concern. Not only can we help here by showing you specific long-term figures that showcase the benefits of replacing your roof now instead of continuing with repairs, we can also point you in the direction of several options that might be available for helping supplement the cost if your business doesn’t quite have the revenue on hand to afford it up-front. Here are a few such programs or outlets available to you.
In virtually every state in the country, local governments will regularly provide grants that are meant for the capital improvements of various state businesses. These grants usually go to smaller businesses, not larger ones that should already have the resources for this sort of thing on hand.
In some situations, even if you’re a small business, you’ll have to be in a particular industry or sector to qualify for these grants. Municipalities and non-profit organizations are generally at the top of the list. If you’re not one of these organizations but are considering eco-friendly roofing solutions installed, you may be able to qualify for additional grants meant to bolster energy-saving practices.
In other cases, it should be easy enough for you to obtain a basic improvement loan from a bank or other lending institution. This will require that your business is in a good place from a credit standpoint, and also that you have the funds available to make a down payment and pay interest on the loan during the repayment period. But since many businesses can write off interest as a business expense for year-end taxes, this is mitigated to some degree.
Tax Code Section 179
In addition to the two options above, know that the Tax Cuts and Job Act was updated in both 2018 and 2019 in ways that benefit businesses in this area. Types of property that qualified for tax deductions were expanded significantly, with a clear eye toward allowing businesses to re-invest in their own properties and self-improvement areas. This means that while the up-front cost of a roof replacement might seem like a lot, you may find that you’ll be able to write off huge portions of these costs on your taxes.
For more on alternative payment options for business roof replacements, or to learn about any of our roofing repair services, speak to the staff at The Roof Doctor today.