How Much Does It Cost To Upgrade an Electrical Panel?
As technology advances and household equipment becomes more advanced, many old or outdated homes may need to have their electrical panels updated. Since the electrical panel is considered to be the heart of your home's electrical system, it should be appropriately upgraded in order to maintain both the safety and efficiency of the household.
Let’s talk about the lifespan of an electrical panel, the importance of updating or switching out outdated units, as well as how much time and money may be associated with an upgrade or replacement.
How long do electrical panels usually last?
When it comes to the lifespan of your electrical panel, the length of time it remains a viable tool will be dependent on a few key factors. For most panels, the brand, usage, and quality of the panel are going to have the most impact on the overall lifespan.
Panels with consistently higher electrical demand, resulting in system strain, will not last as long as an appropriately sized unit with an evenly distributed load. On average, most units can be expected to last anywhere from 25 to 50 years.
Average cost to upgrade an electrical panel
In the event you want to upgrade or replace your electrical panel, it is important to be aware of the cost associated so you and your family can plan accordingly. While cost can fluctuate based on location, cost of labor, and the type of upgrade purchased, the average homeowner can expect to pay around $1,500 to $4,000 for an updated system.
While units equipped with higher amperage may cost more upfront, they can provide peace of mind and potentially prepare your home for whatever technological advancements you have in store.
Updates to existing or new installation
When mapping out your finances and budgeting around updating your electrical panel, the cost of a complete replacement will often be more expensive than the cost to upgrade it. In the event that your home has come with a relatively new electrical panel, consider contacting an electrician to see if the unit can be updated to meet your household needs.
What gets included in the cost?
Included in the estimated total cost are the amounts billed for labor, the cost of the unit itself, the cost of any additional parts that need to be fixed or replaced, as well as the cost for any modifications and adjustments that need to be carried out in order to safely install the panel.
What other factors affect the cost?
There are several factors that can impact the quote associated with the installation of a new electrical panel. Below are some of the more common reasons prices may be affected.
Panel Size and Amperage: Higher-amp panels generally cost more.
Accessibility: If the panel is not easy to access, cost of labor may increase in order to accommodate for the increased difficulty.
Location: Various areas have differing permit and inspection requirements. In the event your region has special guidelines, additional fees may be assessed.
Wiring or Circuitry Upgrades: Older homes may need additional wiring updates, which increases the total cost.
Why it’s worth the cost to upgrade your electrical panel
Outside of simple home maintenance, there are a few important reasons to ensure that your electrical panel is upgraded and fully functional. When it boils down to it, an inefficient panel compromises your home's safety, efficiency, and value.
Safety
Choosing not to upgrade an outdated or overworked panel can pose a threat to your overall home safety. When there’s a large electrical load on your panel, the GFCI (ground fault circuit interrupter) could fail and result in damaged equipment, or worse, an electrical fire. Upgrading your panel is a choice to protect your home and everything in it.
Energy efficiency
Tired of costly electric bills? Improving your electrical efficiency could help reduce electrical waste and, in turn, reduce your overall electric bill.
More electrical capacity
In the event you’re planning on making upgrades or additions to your home, it is important to be sure that your electrical system can handle the increased demand. Something as simple as adding a hot tub, a smart refrigerator, or even a shopvac to your power demand can strain an outdated system.
Value of the home
Lastly, just like with any improvement to your home, putting time and money into updating your electrical panel means you’re automatically investing in the value of your home. Home buyers can see this investment into the home as a valuable selling point as it’s an additional task taken off their plate as the potential new homeowners.
Trust the pros at Young Cardinal with your electrical panel upgrade!
For both residential and commercial properties, you can trust the professionals here at Young Cardinal Electric to handle all of your electrical repairs and remodeling needs. Whether you need an electrical panel installation, sub-panel, wiring, or main electrical setup, we’re here to help save you time and avoid costly mishaps by being thorough and efficient.
Contact us to learn more about how we can help service your property and to schedule an appointment for your next electrical maintenance.