Are you in the conceptualization phase of your construction project? If so, you have probably spent a lot of time considering which building material is right for you. Timber, brick, concrete, IMPs, SIPs…the options are seemingly endless. Of the many concerns you may have – durability, assembly difficulty – cost of materials is likely top of the list. Which brings us to one of the more popular comparisons. Are insulated metal panels cheaper than lumber?
Upfront Cost of IMPs
There are several contributing factors to the upfront cost of IMPs. These include the thickness of the panel, weight and snow load requirements, degree of fire resistance, and whether the panel will be used as a wall, for the floor, or for the roof. Also bear in mind the many customizations available. A blank panel with no customization will cost much less than one which is highly-customized and completely factory-finished. In general you can expect IMPs to cost $20 to $30 per square foot of living space. While up front costs may be a bit higher with IMPs than with lumber, it’s important to realize that’s only one part of the equation.
Reduced Labor Costs
Building with IMPs can decrease framing labor by as much as 55% over conventional construction! Such a significant impact to overall cost ought not be overlooked when tallying up construction costs. Factor in that pre-cut and pre-finished panels require less manpower to erect, while window and door installation is also less labor-intensive, further diminishing labor costs.
Quicker Construction Time
While unloading and staging the panels takes time, the ease with which they fit together is less laborious and time-consuming than stick-framing a structure. Overall, studies show a 50% decrease in onsite construction time. Once again leading to reduced labor costs.
Reduced Waste and Improved Efficiency
Conventional construction accounts for 40% of the waste in landfills. But when you build with IMPs, onsite waste is nearly eliminated. This is due to several factors. Prefabricated panels mean no cutting or trimming is necessary, and little additional materials are needed for things such as insulation or structural support. And thanks to their airtightness, IMPs minimize heat loss or gain in a new home, increase comfort, and save money in the long run.
So are IMPs cheaper to build with than lumber? While the initial materials cost may be slightly higher than lumber, the sum total of all the reduced construction costs make them less expensive in the long term. Contact us at info@ecoinsulatedpanels.com or 1.855.838.9393 to see if we have an insulated metal panel that’s right for you.