Description
Value You Can Measure
Washington property owners have a multitude excellent reasons to replace their windows. Replacing damaged windows, revamping the look and feel of your home etc… Certain such features may be measured quite clearly.
First of all, windows conserve 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 Washington, could notice important savings on weekly expenditures for energy. If you already have dual pane windows you may save about $115.11 compared to $116 in Philadelphia. In contrast, when upgrading single-pane windows to National Vinyl’s EnergyStar rated windows you may save approximately $288.47 every year, compared to $294 in Philadelphia.
Improve your Washington Home’s Value through Energy Savings
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Replacing your windows to EnergyStar rated National Vinyl windows could 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.
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 on the market? Here is what we estimated in Washington:
Basic Dual-Pane to National Vinyl
If you already have dual-pane windows (non-EnergyStar rated), in Washington, your home value could increase by between $690.64 and $1010.64 for a mid-tier or top-tier Washington home respectively. Compare this to, the same upgrade in Philadelphia could add somewhere between $696 and $1018.48.
Single-Pane to National Vinyl
When upgrading from low-efficiency single-pane windows, the potential is even greater. Washington homeowners may see an estimated home value gain of between $1730.81 for mid-tier homes and $2532.75 for the top tier. Compare this to between $1764 and $2581.32 in Philadelphia.
Another way to look at it, a window upgrade in Washington can add anywhere from 0.41% percent and 1.5 % percent to the asking price of your home through the energy efficiency premium buyers have shown a willingness to pay. Combined with the aforementioned +72.3% retained initial value of your windows, and National Vinyl’s lifetime warranty, the value proposition for a Washington homeowner is relatively clear.
The variation between the range for Washington and Philadelphia, which for reference, would yield a potential premium range of 0.41% percent and 0.6% percent respectively, is dependent on a number of factors, notably; the -0.09% percent difference in median home prices, a buyers’ willingness to pay more for energy savings at a given price range in the Scranton–Wilkes-Barre–Hazleton region, and energy price differences between Washington and Philadelphia.
The data presented is derived from EnergyStar, the NREL,Department of Energy and incredible research conducted by the National Association of Homebuilders. Washington 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: Washington vs the rest of Rhode Island
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