What’s the difference? The price is what you pay now, cost is what you continue to pay down the road. Typically, if you pay a higher price, the cost will be lower. A historic example would be electric vs. gas heat. Electric heat has a low price at installation, but costs more going forward. That’s why developers often would put in electric heat- low price up front, and the tenant or future owner paid the higher cost electric bills.
Paying a higher price, when that’s possible, most often will save you money in the long run. Examples:
Spray insulation is a higher price up front, but will save you money due to the higher R value and the WAY better seal.
Radiant heat, a hot water system, is a higher price but saves you money because the hot water stays warm and is more efficient than heating air (you can also set the temps lower- it just feels warmer than forced air!)
Quality wood windows have a higher price than vinyl, but can be maintained and don’t need replacing again in 10 years or less- costing less.
Appliances, water heaters, etc- the higher efficiency ratings typically have a higher price tag.
An exception is that adding storm windows to your existing wood windows, and making any needed repairs, can price less than new vinyl windows, and also save you in costs. See previous post- “your contractor doesn’t want you to see this” or http://www.remodelingconsultants.net/articles/TradeSecret.htm.
