I've gotten a few quotes to insulate the outside walls of my house (1902 Victorian). The price tag for blow-in insulation is $4,500+ potential expenses caused when they pull the boards etc. to drill the holes.
My question is: What is the expected Energy Savings of insulating the walls? I've tried to find on-line resources, but am either too dense to find what I need, or it's just not easy to find.
The contractor told me that the primary reason to do the insulation is to cut on drafts. We don't have any (many?). And that he expects a 15% energy savings. So if we spend about $2000 on oil (I live in New Jersey) and another $500 for AC (window units). We would be saving $400 per year, or it would take us 11+ years to recoup the cost. Doesn't seem worth it to me. And with the advances in insulation, maybe something better is available in 10 years.
Am I missing something here?