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Though you'll read that it costs about $500 to replace one window in your home, the situation is a little more complex than that, according to NerdWallet. Prices vary depending on many factors.

When Should I Replace My Home's Windows?

Your windows may look like they're still in working order because they aren't broken, but are they actually doing their job? Even if your doors and windows operate, you may have problems, according to Forbes.com. Here are the signs that replacement is necessary:

Window sashes and frames are warped beyond repair.
Windows stick when you try opening and closing them.
Windows refuse to stay open.
Windows are drafty, which means your energy bill is probably higher than it needs to be.
You're upgrading your home, and your windows are worn, old and don't match the remodeling plan.
Recent extreme weather events have damaged and corroded your windows.

Regardless of whether you choose double-hung, single-hung, sliding, bay, casement, picture or other styles of windows, there's the question of energy efficiency. Energy-efficient windows (typically with the Energy-Star label) can start at a bit over $100 for one 36-inch-by-72-inch single-hung window, according to HouseLogic.com, a site run by the National Association of Realtors. But that number can skyrocket up to $800 or more per window if you take into consideration labor costs, states HouseLogic.com. So, are they worth it?

You'll likely save up to 15 percent a year on your energy bill if you replace older, double-pane windows on a 2,600-square-foot house, says HouseLogic.com. Do the approximate math to decide:

10 windows times an average cost of $500 each equals $5,000 to replace.
Your annual energy costs (heating/cooling) are likely about $960.
Your annual energy savings will be 15 percent of $960, which equals $144 a year.
In this situation, it would take you about 34 years to recoup your annual efficiency savings.

This analysis comes from NerdWallet, which also states that if you live in a harsh climate, it may be worthwhile to upgrade to energy-efficient windows.

What Windows Are Best?

Today's windows are made much more efficiently than ever before. The following types of windows perform best, according to ConsumerReports.org:

Wood double-hung
Vinyl double-hung
Fiberglass double-hung
Wood casement
Vinyl casement

Can I Replace Windows Myself?

If you are a do-it-yourselfer and have one or two replacement windows, you may want to save some money by doing the job yourself. If you're replacing all of the windows in your, it may be worthwhile to invest in labor rather than doing the work yourself. Rather than replacing, consider repairing:

Windows that are painted shut
Rotted sashes
Caulking and weatherstripping to make old doors and windows energy-efficient

You'll recoup these costs sooner than you will with full replacement.

Will New Windows Increase My Home's Value?

If you're planning to sell your home, it may pay to replace your windows, even if it costs a pretty penny, according to HouseLogic.com. Window replacement is a top remodeling project that can recoup about 80 percent of the cost, states the site. So though it may not be worth the high cost if you're staying put, it could be the best choice for resale value.