Do you need to replace some or all of your home’s windows? Are you concerned about the costs of home window replacement? You’re not alone. Replacing windows is not inexpensive, however, the good news is that replacement windows can actually save you money in the long term.
Home window replacements can save you money by improving your home’s energy efficiency, increasing your home’s resale value, and potentially making you eligible for local, state, and federal tax credits.
If your windows are due for a replacement, chances are that they are already leaking. You may have found yourself paying a higher energy bill each month as a portion of your heating and air conditioning budget literally disappears out the window. Replacement windows will seal those gaps and prevent heat transfer.
In older homes with notoriously inefficient single pane windows, this is the perfect time to consider an upgrade to dual pane windows. The switch from single to dual pane will result in an even greater level of energy savings.
Energy Star estimates that homeowners who replace their old windows with Energy Star certified windows can expect to see an average 15% decrease in their energy costs.
Home buyers are showing an increased interest in energy-saving features. New windows, especially those which come with an Energy Star rating, are an attractive upgrade.
In fact, the Chicago Tribune reported that several studies have been done to quantify exactly how large a resale value increase homeowners with upgraded windows can anticipate. A 2014 study by Build It Green found that homes in Los Angeles County increased in value by 6% when the windows were upgraded. A similar Adomatis Appraisal Services study in 2015 found that Washington D.C. homes gained a 2-5% increase in value with similar upgrades.
To put that in perspective, a $400,000 home would be worth $20,000 more after the expected 5% increase in value following new window installation.
We all love getting a tax break every now and then, and your new home windows may provide you with just that. Certain cities and states offer tax incentives to homeowners who install more efficient replacement windows. Check to see what you may qualify for.
In addition to local and state credits, there is also a federal Residential Energy Efficiency Property Credit which homeowners who upgrade their windows may be eligible to receive.