How will I ever afford the price of a new roof? Have you ever asked yourself that question as a homeowner or business owner? Everyone knows that the cost of a new roof is a significant expense. Few realize that roofing financing options exist for all financial abilities. Even for an individual or business with limited liquid cash or a credit score that “isn’t the greatest,” financing the cost of a new roof can be accomplished.

The Cost Of Residential And Commercial Roof Replacement

Generally, the cost of labor represents 60% of the total price of a roof replacement. The expense of roofing materials makes up the balance (40%).

Roof Replacement Cost Breakdown
Roof Replacement Cost Breakdown

For residential homeowners, the cost of replacing a roof continues to increase based on economic indicators, such as inflation. The average price of an asphalt shingle roof replacement is between $5,500 and $12,500. The cost can rise significantly if the homeowner chooses a different material, like metal or slate. Ultimately, the exact price also depends on the availability of labor, the time of season, and the home’s regional location, among other factors.

Residential Roof Replacement Cost By Roof Material
Residential Roof Replacement Cost By Roof Material


Average Asphalt Shingle Roof Replacement Cost
Average Asphalt Shingle Roof Replacement Cost


Like residential homeowners, commercial building owners and property managers can expect asphalt shingle roofing to offer the most affordable pricing (per square foot) among various roof material alternatives. However, many commercial buildings must choose a different option depending on layout, pitch, and square footage, as asphalt shingle roofing only works well in limited circumstances for industrial, retail, governmental, and commercial establishments.

8 Residential Roofing Financing Options

This option enables a homeowner to pay off their current mortgage with a new one at a higher loan amount than presently owed. The cash-out difference can be used for the roof replacement cost. In effect, you spread the price of the new roof over the mortgage term.

Typically, a credit card has a higher APR than other options. However, you may qualify for a credit card with a 0% APR introductory rate if you have a strong credit history. In that case, you might be eligible for a higher spending limit than other lending alternatives. 

FHA Title I Home and Property Improvement Loan. The federal government extends loans to well-qualified lenders through private lenders approved to process FHA loans. Generally, these “affordable” loans provide fixed interest rates and extended repayment terms.

The homeowner borrows against the equity in their home while leaving the first mortgage intact. A decent credit score and verifiable income is required. You also will need to pay closing costs. However, you will also benefit from the home equity loan tax deduction.

A HELOC functions as a credit line secured by your home as collateral. You convert your home’s equity into cash as needed and make payments on the balance withdrawn. Usually, you will have lower interest rates and faster funding times versus other lending alternatives.

With no restrictions on how you use the funds, once you secure a personal loan, you can disburse the lump sum as you see fit. Interest rates and repayment terms depend on your creditworthiness. Generally, financing options exist for most credit scores.

A “fixer-upper” loan is based on the estimated value of your home after the upgraded roof replacement. The two most common renovation loans are the FHA 203(k) Loan and the Fannie Mae HomeStyle Renovation Loan. You will need a reasonable credit score to qualify.

A limited number of reputable roofing contractors develop professional relationships with lending institutions willing to provide attractive financing terms and interest rates. This direct connection benefits the homeowner with a fast application approval process.

At Alan’s Roofing, we extend stress-free financing options to Central Florida homeowners. We work with a reputable lender, EnerBank, to offer borrowers low monthly payments (at reasonable rates), efficient loan processing, and fast loan application approval.

We also work with Florida’s Property Assessed Clean Energy (PACE) program to assist qualifying borrowers. Financing is attached to your property. Disbursed funds are repaid through property taxes. Technically, you receive a property assessment rather than a loan.

4 Commercial Roofing Financing Options

Bank Financing/Business Loan/Business Line Of Credit

A savvy business can borrow funds to facilitate building improvements, including a roof replacement, by working directly with a lending institution. The company should provide transparency concerning the purpose behind its financing application.

Business Credit Card

This option may not be ideal to finance the entire roof replacement project. However, it could serve as a contributory means to augment the total expense of such a pursuit. That said, a credit card is seldom a viable solution to finance a new roof.

Commercial Construction/Renovation Loan

Unlike a traditional loan, this alternative has a draw schedule based on specific project milestones for disbursements to occur. Also, the borrower only pays interest on the portion of the distributed loan proceeds, not the total available funds.

Government Funded Program

For well-established businesses, an SBA CDC/504 Loan opens the door to fulfill large-scale renovation projects, including a roof replacement. Likewise, an SBA 7(a) Loan enables small businesses to borrow funds to facilitate and finance building improvements.

Working With A Roofing Company That Accommodates Financing

For homeowners and businesses in Central Florida, Alan’s Roofing offers flexible financing options to ensure your roofing project proceeds on your timetable. Why delay when you can choose a roofing contractor that understands your situation? 

We provide a comprehensive menu of residential and commercial roofing solutions that transform your home or business. To learn more, ask roof financing questions, receive a free estimate, or schedule a complimentary consultation, contact Alan’s Roofing today.