Here is the information you are looking for about the
IRC code for Egress Windows. The minimum clear opening size is actually 5.7 square feet. And the minimum width of the opening needs to be 20" while the minimum clear height of the window needs to be 24" high. Also, the bottom of the opening for the window cannot exceed 44" off of the finished floor of the basement.
A casement window can be used as an Egress Window, but there are some
special considerations. I would suggest an In-Swing Casement to prevent the window from blocking the use of the egress well.
You may be able to save some money and effort by using one of the existing basement windows and simply extending the height of the window opening down to accommodate an
egress window.
There are many things to
consider when deciding to add an egress window or not.
Fresh air and
natural light are among them. But deciding to make it
legal or not is another topic altogether. But there is no doubt about,
egress windows save lives.
Good luck with your project.