Description
Value You Can Measure
Honesdale residents have a multitude strong reasons to change their windows. Upgrading leaky windows, renewing the design of your home etc… Some such values should be quantified relatively precisely.
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.
In terms of energy savings, households located in Honesdale, may notice impressive reductions on annual costs for heating & cooling. If you already have dual pane windows you may save approximately $113.13 compared to $116 in Philadelphia. By comparison, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $276.2 per annum, compared to $294 in Philadelphia.
Increase your Honesdale Home’s Value through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can 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.
Moreover, many buyers are willing to pay a premium for energy savings. Here we try to find out : What’s the ROI on energy savings if you put your house up for sale? Here is what we discovered in Honesdale:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Honesdale, your home value could increase by between $565.63 and $752.29 for a mid-tier or top-tier Honesdale home respectively. For comparison, the same replacement in Philadelphia could yield somewhere between $580 and $771.4.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Honesdale homeowners could expect an estimated home value gain of between $1380.99 for mid-tier homes and $1836.71 for the top tier. Compare this to between $1470 and $1955.1 in Philadelphia.
Another way to look at it, a window investment in Honesdale can add anywhere from 0.42% percent and 1.37 % 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 worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Honesdale homeowner is relatively clear.
The variation between the range for Honesdale and Philadelphia, which for reference, would yield a potential premium range of 0.43% percent and 0.58% percent respectively, is dependent on a number of factors, notably; the -0.28% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price range in the region, and energy price differences between Honesdale and Philadelphia.
The data presented is based on EnergyStar, the NREL,Department of Energy and expert research done by the National Association of Homebuilders. Honesdale 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: Honesdale vs the rest of Pennsylvania
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