Is there "any cost or other loss that he has avoided by not having to perform?"

No.

Yes. He saved the $500 he would have spent on paint and other materials.

Yes. He saved himself several days of working out in the hot sun, smelling paint fumes.

Yes. He saved the $500 he would have spent on paint and materials and he saved himself several days of working out in the hot sun, smelling paint fumes.