How to delete Windows.old folder on Windows 7/8/8.1?

Usually, after you reinstall Windows without deleting the old partition, the new Windows 7/8/8.1 will have an additional folder in drive C named Windows.old. What is that?
Usually, after you reinstall Windows without deleting the old partition, the new Windows 7/8/8.1 will have an additional folder in drive C named Windows.old. What is that?
Windows will automatically delete Windows.old 30 days after it was created. But if you need that storage space right now, you can try any of these methods to remove the folder from your PC.
Deleting the hidden $Windows.~BT folder and reclaiming gigabytes of space on your hard drive is tempting. But what does this cryptically named folder do, and how important is it to your Windows installation?