In France, renovation of existing buildings has a high priority. The thickness of insulation layers becomes a major issue of concern especially in cities. In this study, we present a recently developed insulating rendering based on silica aerogels that can be applied to new buildings and to retrofit existing ones. A full scale experimental house is built near Chambery in France, with the rendering applied on its external facades. The results of a numerical model developed in EnergyPlus are compared to the on-site measurements. After validating the numerical model, the thickness of the rendering is optimized based on a cost analysis for different climates for the case of retrofitting an old building. Then, a sensitivity analysis is carried out to determine the thickness dependency on annual heating load, present worth factor, rendering’s cost, and heating set-point. Results show that the optimum rendering thickness is in the range of 1.7–4.4 cm and the payback period in the range of 1.4–2.7 years depending on the climate. The optimum thickness increases with the increasing heating set-point and increasing present worth factor; however, it decreases with the increasing rendering cost.