Description
Value You Can Measure
Greenville homeowners have a whole host good reasons to replace their windows. Repairing leaky windows, improving the decor of your home etc… Many such features can be quantified rather clearly.
To begin with, windows maintain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This places windows among the top 5 home improvement investments in terms of value retention.
As for energy savings, households located in Greenville, will most probably notice dramatic reductions on weekly expenditures for electricity. If you already have dual pane windows you may save approximately $123.05 compared to $118 in Providence. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $384.41 per year, compared to $348 in Providence.
Improve your Greenville Home’s Resale Price through Energy Savings
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Upgrading your windows to EnergyStar rated National Vinyl windows may add to 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 return on energy savings when selling the house? Here is what we discovered in Greenville:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Greenville, your home value could increase by between $738.31 and $1080.39 for a mid-tier or top-tier Greenville home respectively. For comparison, the same upgrade in Providence may get you somewhere between $708 and $1036.04.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Greenville homeowners could yield an estimated home value gain of between $2306.48 for mid-tier homes and $3375.15 for the top tier. Compare this to between $2088 and $3055.44 in Providence.
Put differently, a window investment in Greenville can add anywhere from 0.23% percent and 1.05 % percent to the asking price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained upfront value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Greenville homeowner is relatively clear.
The variation between the range for Greenville and Providence, which for reference, would yield a potential premium range of 0.22% percent and 0.32% percent respectively, is dependent on a number of factors, in particular; the 0.48% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Providence-Warwick region, and energy cost differences between Greenville and Providence.
The data presented is derived from EnergyStar, the NREL,Department of Energy and professional research conducted by the NAHB. Greenville 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: Greenville vs the rest of Rhode Island
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