Savings Category: Replacement Window Savings

Description

Value You Can Measure

Owego homeowners have countless good reasons to replace their windows. Updating broken windows, improving the design of your home etc… Other such benefits can be quantified relatively clearly.

To start, windows maintain 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.

In terms of energy savings, homes in Owego, can expect to notice impressive reductions on monthly bill for home energy. If you already have dual pane windows you may save about $182.2 compared to $174 in Buffalo. On the other hand, when replacing single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $504.07 every year, compared to $452 in Buffalo.

Improve your Owego Home’s Asking Price through Energy Savings

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Upgrading your windows to EnergyStar rated National Vinyl windows could 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 find out : What’s the premium for energy savings when selling the house? This is what we uncovered in Owego:

Basic Dual-Pane to National Vinyl

If you already have dual-pane windows (non-EnergyStar rated), in Owego, your home value could increase by around $1093.2 and $1599.71 for a mid-tier or top-tier Owego home respectively. Compare this to, the same upgrade in Buffalo could add somewhere between $1044 and $1527.72.

Single-Pane to National Vinyl

When upgrading from low-efficiency single-pane windows, the potential is even greater. Owego homeowners could expect an estimated home value increase of between $3024.41 for mid-tier homes and $4425.72 for the top tier. Compare this to between $2712 and $3968.56 in Buffalo.

In other words, a window upgrade in Owego can add between 0.68% percent and 2.77 % percent to the value 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 initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Owego homeowner is quite clear.

The variation between the range for Owego and Buffalo, which for reference, would yield a potential premium range of 0.65% percent and 0.96% percent respectively, is derived from a number of factors, especially; the 0.52% percent difference in median home prices, a buyers’ likelihood to pay more for energy savings at a given price range in the Binghamton region, and heating & cooling price differences between Owego and Buffalo.

The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and expert research done by the National Association of Homebuilders. Owego home value data is provided by Zillow.

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Energy Savings & ROI: Owego vs the rest of New York

Find out how investing in new windows in Owego compares to other nearby New York cities.