Drapes are cheaper in the short-term. And won't destroy the character the way replacement windows do. I completed restoring and weatherstripping all my old wood windows (1907) on my house this summer. It was really worth it. Even with the thermostat at 64, the house isn't drafty anymore.
I get Ice only on the storms, BTW. Your storms probably need work if they are letting that much cold in. My lowest overnight temps this winter have only been around 12*, so we'll see if it gets any colder.

The material to weatherstrip a window runs about $5.00., but it will take a day of work to strip all the paint and if you want to remove all the glass and strip and prime and paint and re-glaze the sash, you're talking a week to do two windows in your spare time.
That's my story.
Casey

Good answer. I have had ice on my inside aluminum framed double glazed windows in a brand new house........so new windows don't mean it won't happen. Some of my windows are original..IOW nearly two hundred years old. They can be brought up to snuff. Gimme wood windows any day.

Thanks! A response that saves me money is a great answer! Any preference to what kind of weatherstripping? My windows do not open at all and the previous owner has already installed storm windows (that dont seem to be doing much).

We had an energy audit done and he recommended the 3M brand, which is more expensive then the Frost King. He said the tape was better and makes a better seal. Don't know if it's true or not. He also did not recommend replacing windows as any of the top 5 things we needed to do. Regardless, we plastic all the window (old and new) every winter and have insulated curtains I got on sale from JCPenney. These things help much. For other windows, there are other resources for insulating the space where the cords in double hungs are, I think Old House Journal had a video on it. And, as always, there's the Working Windows book and other great web resources.

You can find excellent instructions for making your own removable/reusable interior storm windows that use shrink type plastic at: www.midcoastgreencollaborative.com. The big trouble with using the double sided tape each year is that it tends to peel off the finish at removal time. These windows eliminate that problem and cost less than $10 each to make.You don't have to buy new plastic each year, either.

Thanks for the tip on Midcoast Green Collaborative. Instead of sitting & shivering, this may be this weekend's project.

Yes! Thanks! This looks much more practical!

For anyone else interested the website is actually www.midcoastgreencollaborative.ORG

Oh that's great! Adding to my to-do list, thanks!