Its hard to say how much you will save because it all depends on how much insulation you have and any other places air could leak in or out. New windows will definitely lower your utility costs considerably. I would look at the vinyl frame windows because the vinyl doesn’t transfer heat or cold like the ALUMINIUM frame windows.
On another note, new windows will make a dramatic difference in the appearance of your home.
Just switching from single to double pane windows will cut the U-factor nearly in half. If you spring for some of the fancier types it can save you a lot on radiant losses as well.
It’s a little complicated to get into the estimating your energy savings without modeling your entire house on energy analysis software, but a quick look shows you could save around 1000 BTU/hr per window (I assumed 4′x4′) when it’s -5F outside and 70F inside. With 16 windows the 16000 BTU/hr is quite significant.
Let’s say you only have to use the heat in the colder half of the day. Roughly average the heat savings to 8000 BTU/hr and multiply by 12 hours per day and maybe 90 days of winter (really getting round numbers here) and you get about 8.5 million BTU-hours or 2.5 million Watt-hours. If you use electric heat and pay maybe 15 cents per kW-hour you’re looking at a possible $380 savings per year.
Realize that what I just did here is very dependent on your actual winter, windows purchased, energy costs etc, but a couple hundred dollars savings per year should be easily attainable.
Hope this is what you were looking for!
There also are government tax incentives, up to $1,500 as a tax credit, for certain new windows. Check with the manufacturer. You’ll definitely notice a difference, but also make sure the installer adds insulation in any space available in the wall cavity. Also make sure they are installed correctly so you get the full benefits. But, realize that the energy savings won’t pay for the windows for many years — focus on the comfort level. I haven’t done window, but even a few doors has made a big difference.
Tax credit info–http://www.energystar.gov/index.cfm?c=tax_credits.tx_index