I work for a general contractor who specializes in high performance renovations and new homes - so color me biased. I like sealed crawl spaces. In most cases here in NC, they will yield a 8% +/- savings over a traditionally insulated home. Given you have no insulation and your duct work is most likely poorly insulated and unsealed (I say this because most of them are) you should see higher numbers.
Traditional floor insulation
Pros:
- Cheap
- You can do it yourself
Cons:
- It's difficult to install batts correctly, gravity is constantly working against you. Grade one insulation is consistent, unbunched yet without gaps. It needs to be split around wires and any other penetrations
- Fiberglass is not an air barrier. All penetrations and chases need to be sealed before installing batts to get the full thermal value. Who cares you might ask? It's amazing how quick your insulation becomes worthless when installed incorrectly. To the point it's almost not worth doing. So do it right. Think wool sweater on a windy day.
- Your duct work needs to be fully insulated (R8 whenever possible or better) and sealed. There are a couple of things going on here. One you are letting out conditioned air which should piss you off. Do you leave the window open when the AC is running? Probably not. Also you are going to be sucking air from the crawl space depending on where the leaks are, introducing all kinds of containmentants into your air and bypassing the filter. A lot of times the boots are uninsulated so you're pumping 60 degree air all summer through a piece of sheet metal with 90 degree air on the other side (at least in NC) and it starts condensing like a beer can in short order. Opposite is true in the winter. So thats introducing a lot of moisture into your crawl space and duct work.
- You need a vapor barrier, 6 mil at least and carry it 6" up the walls and around all columns.
- The insulation is going to fall, typically seems to stay up around 10 years
- Vented crawl spaces are a bad idea for several reasons, here in the south the air outside is moist, it hits the cool crawl space and reaches dew point. Promoting rot, mold, and lousy indoor air quality.
Sealed crawl space
Pros
- it's a better system
- More efficient, more durable, encourages a longer life for your home and improves indoor air quality.
- bringing the hvac system into conditioned space means it will be able to operate more efficiently. Duct leakage becomes less important - seal the supply side and go.
Cons
- it's expensive
- the market is flooded with morons claiming to seal crawl spaces that have no idea what they are doing or even a basic understanding of building sciences. If you go this route, make them test it and follow advanced energy's protocol (
http://www.crawlspaces.org/)
- if you have any sort of natural combustion devices in the crawl space, do not seal it. (atmospherically venting furnace of water heater)
If you decide to go that route, you're welcome to send me a PM and I can send you a check list of things to make sure they complete.