If you negotiate well with the contractor and he buys the materials for you, you may try to have him pass the discounted cost of the materials to you, as usually contractors get discounts (called "contractor’s discounts" / "contractor’s price") when buying from home improvement stores because of the many purchases they make as required by their jobs..

As I said, Free estimates from local siding contractors are the key to your success in this home improvement project of yours. Here’s a great link to a handyman site that offers free very resourceful information to assist you in determining the cost of your project, and, ultimately, selecting a local siding contractor in an effort to get the best deal for you:

SIDING CONTRACTOR (such contractors, I understand do awning installations, too) INFO:

http://yourhandymanzone.com/Your_Handyman_Zone_Free_Estimates_Siding.htm

I’m sure you’ll find the information you need, specifically the tips, useful as it relates to being treated fairly by contractors and exploring the consumer-wise approach of getting free written estimates to find the best contractor in your area.
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Source(s):
The Internet is what I use. I’m pretty knowledgeable about the Internet. I have a firm belief in helping people with what I know, including from my development of sites, such as the one cited above. Sharing really is caring, and I wish those who I help can reciprocate by sharing what they know.

Awnings could be made in a more or less rectangular form, with wooden supports, but the supports would be on the outside, and would need to be treated against termites. Making it of metal supports may also be possible, but would require a litle more effort.

The shading part of the awning could then be made from aluminum, fiberglass, waterproof cloth, plastic mesh, or bamboo slats. If you plan on covering the sides of the awning, the design becomes a little more complicated.

Screws are again needed to install the frame. The more precision carpentry favors the use of a carpenter’s box instead of a vice, and a real measuring device, rather than eyeballing the rod would be needed. Most of the shade material ideas can be attached with screws, or carpenter’s staples. A few might be sewn on, but that is likely to be more difficult than attaching with hardware.

Most decorative awnings tend to be circular in form, but the design for this would be rather complicated, and is not the sort of projct I would wish upon any innocent DIYer asking for advice.

In all honesty, the cost of tinted window films is pretty low these days. Installation is simple, although it does require a lot of care to get it done right. These may turn out to be cheaper than either window, or awning. Tinted films tend to come in permanent shaded versions, which can also double as a security film, or as removable imitation stained glass types, which are more forgiving if you make a mistake, or want to get rid of it. For a really ghetto look, I hear you can attach colored art tissue directly to a tissue by getting it wet. Puffy paint also works, and there are paints you can use specifically for this to make your own films.

Another possible way to provide window shading is to put a trellis OVER the window. (Not in front of it, or next to it, as burglars might then be able to climb in.) and grow some vines on it.

I’d put all of these ideas into consideration, taking into account your budget, taste, and creative abilities before choosing the best option, my guess is that the awning idea is not the easiest, or cheapest.