Description
Value You Can Measure
Luzerne homeowners have countless good reasons to upgrade their windows. Replacing old windows, revamping the style of your home etc… Many such benefits should be calculated relatively exactly.
Firstly, windows maintain about 72.3 percent of their initial purchase value in New England according to the Remodeling 2020 Cost vs. Value Report. This puts windows among the top 5 home improvement investments in terms of value retention.
As for energy savings, people living in Luzerne, could notice important decreases on daily bill for energy. If you already have dual pane windows you may save around $110.41 compared to $116 in Philadelphia. Whereas, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you could save approximately $259.36 per year, compared to $294 in Philadelphia.
Build your Luzerne Home’s Value through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows can increase the asking 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 return on investment on energy savings if you put your house up for sale? The following is what we uncovered in Luzerne:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Luzerne, your home value could increase by around $552.04 and $734.21 for a mid-tier or top-tier Luzerne home respectively. Compare this to, the same upgrade 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. Luzerne homeowners may yield an estimated home value gain of between $1296.78 for mid-tier homes and $1724.72 for the top tier. Compare this to between $1470 and $1955.1 in Philadelphia.
In other words, a window upgrade in Luzerne can add anywhere from 0.64% percent and 2.01 % percent to the sale price of your home via the energy efficiency premium buyers have shown a willingness to pay. Add to this the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Luzerne homeowner is quite strong.
The variation between the range for Luzerne and Philadelphia, which for reference, would yield a potential premium range of 0.68% percent and 0.9% percent respectively, is dependent on a number of factors, primarily; the -0.54% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the Scranton–Wilkes-Barre–Hazleton region, and energy price differences between Luzerne and Philadelphia.
The data presented is based on EnergyStar, the NREL,Department of Energy and incredible research performed by the NAHB. Luzerne 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: Luzerne vs the rest of Pennsylvania
Find out how investing in new windows in Luzerne compares to other nearby Pennsylvania cities.