Description
Value You Can Measure
Portland property owners have plenty valid reasons to change their windows. Upgrading leaky windows, refining the aesthetics of your home etc… Certain such features can be measured rather clearly.
For starters, windows retain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This sets windows among the top 5 home improvement investments in terms of value retention.
With regards to energy savings, people living in Portland, are likely to notice important reductions on daily expenditures for electricity. If you already have dual pane windows you could save around $114.73 compared to $116 in Philadelphia. On the other hand, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $286.14 every year, compared to $294 in Philadelphia.
Grow your Portland Home’s Resale Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows could increase the sale price of your home. As mentioned before, windows preserve most of their initial value especially given their long life expectancy. At a rate of 72.3% estimated for 2020 an average total window replacement job costing $17,925 would preserve $13,018 of its initial value.
In addition, many buyers are willing to pay a premium for energy savings. Here we try to evaluate : What’s the premium for energy savings when it comes time to sell? This is what we found in Portland:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Portland, your home value could increase by around $688.38 and $1007.34 for a mid-tier or top-tier Portland home respectively. For comparison, the same upgrade in Philadelphia could yield somewhere between $696 and $1018.48.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Portland homeowners may expect an estimated home value increase of between $1716.82 for mid-tier homes and $2512.28 for the top tier. Compare this to between $1764 and $2581.32 in Philadelphia.
In other words, a window investment in Portland can add between 0.42% percent and 1.55 % percent to the sale price of your home via the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained upfront worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Portland homeowner is quite clear.
The variation between the range for Portland and Philadelphia, which for reference, would yield a potential premium range of 0.43% percent and 0.63% percent respectively, is dependent on a number of factors, in particular; the -0.12% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the Allentown-Bethlehem-Easton region, and heating & cooling price differences between Portland and Philadelphia.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research performed by the NAHB. Portland home value data is provided by Zillow.
Data Sources & Disclaimers
Sources:
https://www.bls.gov/regions/
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption
https://www.energy.gov/energysaver/design/windows-doors-and-skylights/update-or-replace-windows
https://www.eia.gov/consumption/residential/data/2015/index.php?view=consumption#by%20end%20uses
https://openei.org/wiki/NSTAR_Electric_Company
https://www.aceee.org/press/2018/10/aceee-2018-state-energy-efficiency
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187724.php?page_id=32&pid=NAH
http://eyeonhousing.org/2019/04/how-much-are-buyers-willing-to-pay-for-energy-efficiency/
https://www.builderbooks.com/what-home-buyers-really-want–2019-edition-products-9780867187731.php
https://www.remodeling.hw.net/cost-vs-value/2020/new-england/
Disclaimer: The information on our website is general in nature and is not intended as a substitute for competent legal, financial or engineering advice.
Although National Vinyl is a Member of the National Homebuilders association and TrustGard windows are the recipient of EnergyStar’s “Most Efficient”,
we wish to state clearly and unequivocally: the information provided does not consitute an endorsement by or from any third party. We make no representation as to the accuracy of the information entered by third parties.We, our directors or shareholders disclaim any liability for any damages or loss arising from your use thereof.
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Energy Savings & ROI: Portland vs the rest of Pennsylvania
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