Condensation often occurs on the innermost faces of building windows in cold climates, even those with high-performance glazing systems. From an energy efficiency perspective, condensate water significantly diminishes the thermal insulation ability of the original material or structure. However, the effects of condensation on annual building energy use have not been clearly investigated, primarily due to the lack of an accurate and appropriate energy simulation method. In this study, we used the EnergyPlus energy management system to develop a parametric modeling and simulation approach in which a condensation-dependent thermal model is incorporated into the parametric energy simulation workflow. Applying this method, we examined the condensation-induced thermal performances of glazing systems and their effects on annual heating energy use in representative cold climates (i.e., Zones 5, 6, and 7). The results show that the dynamic model considering the condensation effect demonstrated the consumption of more heating energy by an average 8% in cold climates, as opposed to the baseline model that ignored the condensation effect. Therefore, whole-building energy analysis in cold climates should take the condensation effect into account, especially with regards to building windows that may have a relatively lower inner surface temperature and higher condensation risk.