Dear Rob: Yes, but it will provide minimal benefit. All 'reflective insulation' products require you to build or create a sealed air pocket on one side to achieve the claimed R ratings. This air gap actually provides almost all of the insulation R value; the shiny bubble wrap has almost no R value. This sealed air gap would be difficult to build. Finally, reflective products have almost no value in the winter, because cold cannot be 'reflected' and warm air inside your home is not radiant.
More important, Reflectix is non-permeable; water vapor will not pass through it -- just like a poly vapor barrier. This would block the ability of your walls to dry to the outside. You should use standard house wrap instead, e.g. Tyvek, which blocks water but is permeable.
You do have a great opportunity to improve insulation for your home. You can 'wrap' the walls with XPS foam board or Roxul ComfortBoard before you install new siding. This will significantly improve the insulation value of your walls and block air leaks.
Install housewrap first, then a layer of XPS or ComfortBoard. The insulation board needs to be thick enough to prevent condensation from forming on sheathing during the winter, which could lead to rot. Here are the numbers for different parts of the country, depending on how cold your winters get:
• R-15 in climate zones 7 and 8
• R-11.25 in climate zone 6
• R-7.5 in climate zone 5
• R-3.75 in climate zone 4
When we wrapped a house in Massachusetts, we needed to use 2" thick XPS panels to achieve R10, for example. In addition to insulation, this reduces air leaks and creates an additional barrier against water infiltration. A photo is attached.
Three tips for installation:
(1) Use long deck screws to attach the foam board or ComfortBoard panels to your sheathing, e.g. Deckmate. They are corrosion resistant.
(2) Seal all of the edges and joints to block air leaks. The 'Windows and Doors' version of Great Stuff (in the blue can) works well; the cured foam remains flexible as things expand and contract, to avoid cracks. We also covered all of the joints and edges with a thick layer of DAP 230 sealant. A photo is attached.
(3) Fasten 1 x 3 strapping to the outside of the foam board / ComfortBoard, to provide an easy mounting surface for your new siding. A photo is attached.
If you are replacing your siding, you will probably need to replace window trim etc. Use Veranda PVC trim instead of wood. It never rots and never needs paint. It cuts just like wood and is easy to install. You can glue corners with AZEK trim glue; the joints are very strong and no screws are needed. Use stainless steel trim screws to install it; the 'star drive' versions are better than square drive. Fill the screw holes with a dab of DAP 230, then cover the DAP with a dot on white paint on a Q-Tip. This keeps dust from accumulating on the sticky DAP surface, and turning it gray. A photo is attached.
I hope this is helpful.