Need to replace an old or damaged electrical panel?
The average cost to install a new electrical panel is $4,700, but it can range up to $5,000 or more.
Several factors can influence the cost, including:
You’ll need to get an exact quote from a contractor, but here’s how each of these factors may impact your overall cost.
Need an estimate for an electrical panel installation?
Call Michael & Son at 704-594-5420 for a free, no-obligation quote. We offer same-day service and flat-rate upfront pricing.
Cost factor #1: The amperage
The larger the electrical panel is, the more expensive it will be.
Electrical panels are sized according to the strength of the electric current that it supplies, also known as the amperage. Residential panels can range from 100 to 400 amps but most homes today are built with 100 or 200-amp panels.
To determine what size electrical panel you need, you’ll need to consider how much electrical current you need to power your home. You can calculate this based on the number of circuits you have, their size and how large your home is.
Most homeowners choose a 200-amp panel because it can handle the electrical load of most homes today as well as modern electrical appliances.
Cost factor #2: Whether whole-home rewiring is necessary
If your home needs to be rewired to accommodate a new electrical panel, you’ll likely pay an additional $10,000-$20,000.
Homes constructed before 1965 were built with 60-amp panels. Naturally, the wiring was designed to receive power from a 60-amp panel and nothing more. So, if your home has an outdated electrical panel, the wiring likely won’t be able to handle the amperage of the new panel you want to install.
If this is the case, you’ll also need to upgrade your home’s wiring alongside the new panel. Otherwise, you could risk starting an electrical fire.
An electrical contractor can take a look at your current electrical system to determine whether the wiring can handle the amperage of your upgraded panel.
Cost factor #3: Whether you need to replace or install additional outlets
Replacing or adding any new outlets to your home may tack on an additional $230-$875 per outlet.
Older homes with outdated electrical panels and wiring are also likely to have fewer outlets than what is required by the National Electric Code. The general rule is that an outlet should be present every 12 feet of wall.
If you’re unsure whether you need to replace or install new outlets, an electrical contractor can inspect your home and tell you what is necessary to ensure that everything is up to code.
Cost factor #4: Whether trenching is needed
If you have outdated, underground service lines that deliver electricity to your home, those lines may need to be dug up and replaced to accommodate your new panel.
Residential electrical panels are fed by overhead or underground utility lines that are designed to fit a home’s panel size. If you decide to upgrade to a panel with higher amperage, such as a 200-amp panel, you’ll probably also need to replace the electrical lines.
Unfortunately, if your electrical lines run underground, this process involves trenching (or digging them up) and requires a professional. The additional cost of trenching can vary depending on how long the electrical lines are and how easy or difficult they are to access.
Cost factor #5: The contractor you choose
More experienced contractors that provide higher-quality work will charge more for their services.
Although it’s tempting to cut costs with lower hourly rates, paying more for a highly-experienced electrician will be worth it down the line. You’ll avoid future expenses and issues due to faulty installation or sloppy work.
To find an excellent and trustworthy electrician, look for contractors that:
Need a quote for your electrical panel installation? Contact Michael & Son today.
It can be difficult to determine how much it will cost to install a new electrical panel. If you need an exact quote, Michael & Son is here to help. With 0% interest for 36 months on all installations and upfront, fair pricing, it’s no wonder we’ve earned the trust of thousands of loyal clients on the east coast.