Description
Value You Can Measure
Sussex homeowners have a whole host good reasons to replace their windows. Fixing leaky windows, improving the decor of your home etc… Some such benefits can be quantified relatively explicitly.
First of all, 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.
In terms of energy savings, households located in Sussex, can expect to notice major drops on monthly spending for energy. If you already have dual pane windows you may save around $111.03 compared to $100 in Atlantic City. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save about $347.86 per annum, compared to $274 in Atlantic City.
Build your Sussex Home’s Resale Price through Energy Savings
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Switching your windows to EnergyStar rated National Vinyl windows could add to the value 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 determine : What’s the ROI on energy savings when it comes time to sell? The following is what we estimated in Sussex:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Sussex, your home value could increase by between $666.17 and $974.82 for a mid-tier or top-tier Sussex home respectively. For comparison, the same replacement in Atlantic City may get you somewhere between $600 and $878.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Sussex homeowners could see an estimated home value increase of between $2087.17 for mid-tier homes and $3054.23 for the top tier. Compare this to between $1644 and $2405.72 in Atlantic City.
Another way to look at it, a window upgrade in Sussex can add anywhere from 0.26% percent and 1.2 % percent to the asking price of your home by way of the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial worth of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Sussex homeowner is quite strong.
The variation between the range for Sussex and Atlantic City, which for reference, would yield a potential premium range of 0.24% percent and 0.34% percent respectively, is derived from a number of factors, especially; the 1.23% percent difference in median home prices, a buyers’ propensity to pay more for energy savings at a given price point in the New York-Newark-Jersey City region, and energy price differences between Sussex and Atlantic City.
The data presented is extrapolated from EnergyStar, the NREL,Department of Energy and extensive research done by the NAHB. Sussex 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: Sussex vs the rest of New Jersey
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