According to Forbes, the average cost of an electrical panel upgrade is $1,800 (as of 2023). However, you can spend $5,000 or more depending on various factors.¹ To help you understand if the cost is worth it, we’ll explore these factors and some benefits of updating your electrical panel.
The cost of an upgrade is largely determined by the new panel’s amperage rating and labor costs. An electrical panel links your home to the utility grid and supplies electricity to every branch circuit. Therefore, it must meet your electrical needs, while functional circuit breakers cut power if there’s a fault or overload to avoid major damage and fires.
Therefore, an electrical panel upgrade increases capacity and avoids many hazards. But its cost is impacted by the following:
Capacity
The electrical panel’s capacity will ensure it meets your home’s power needs. If you have an older 60-amp panel, high-power appliances can overload it. The most common amperage ratings for new electrical panels include:
- 100 Amps: The panel may cost $100 to $200 but with labor, the total price averages $850 to $1,450. This size is suited for smaller homes or a property with modest power requirements.¹
- 200 Amps: If your home has a higher electrical demand, you’ll need a 200-amp panel. It costs $250 to $350 and ranges from $1,280 to $2,700 with labor to install the panel, wiring, and breakers.¹
- 300 Amps: The equipment costs $350 to $500 and, with labor, cost estimates range from $2,000 to $5,000. A 300-amp panel is suited for a larger home and requires making significant changes to your electrical system.¹
- 400 Amps: Intended for very large homes with high power demands, a 400-amp panel can cost $3,800 to $7,000 to install considering labor and the need for specialized breakers and heavy-duty wiring.¹
Panel Location
Relocating an electrical panel to another room or outdoors can add $1,000 to $2,700 to the overall project cost.¹ That’s because substantial electrical and other infrastructure changes will be needed in addition to replacing the panel.
Age/Condition of Your Existing Electrical System
If your electrical system was installed less than 25 years ago, you may not need to replace the main panel. Adding a subpanel to increase capacity may be possible. A subpanel can be installed for $400 to $2,000.¹
Cost of Parts
Depending on the age and condition of the panel and the system, you may have to replace wiring, circuits, and receptacles, which increases the cost of the upgrade. Replacing a circuit breaker switch ranges from $100 to $200 (each costs extra on top of the price of the service panel). A meter box is another component that may need to be updated. It must be installed by the electrical utility company and costs $100 to $500.¹
Labor
Installing an electrical panel requires a lot of work and experience. The quality of the work is as important as the quality of the equipment. Insecure wiring, installing the wrong-sized wires, choosing an improper wire length, or loose connections can cause a wide range of problems. Therefore, consider the cost of labor a sign an electrical contractor is focused on getting the job done right.
Is an Electrical Panel Upgrade Worth It?
While an electrical panel upgrade can be costly, it’s worth it if your current panel isn’t meeting your needs. The panel should be replaced if you’ve installed new appliances, such as a convection oven or hot tub. Also, consider an upgrade if it’s not working properly.
If you reset the circuit breakers often, hear sizzling or buzzing sounds from outlets, need to unplug appliances to use others, have flickering lights, or have high electricity bills, updating your electrical panel is a good idea. Also, replace it if it’s hot to the touch, smells like smoke, is rusty, or is visibly damaged.
An electrical panel upgrade also comes with these benefits:
- Safety: The new panel can protect your home from electrical fires and prevent shocks or burns when using outlets or appliances.
- Protection Against Electrical Damage: An outdated electrical panel, even if it’s not faulty, can damage newer appliances and electronics if it can’t handle the power demand.
- Increase in Home Value: An electrical panel upgrade is worth it when you consider the potential increase in property value; your home will be safer, more functional, and have an electrical panel that can last 20 to 30 years, so it can be more attractive to a potential buyer.
Contact NexGen to Schedule Your Electrical Panel Upgrade
Our licensed electrical technicians upgrade electrical panels in homes across Southern California. We help increase capacity to support high-power appliances. Whenever possible, we can repair your existing panel, but recommend having at least a 200-amp unit to ensure your home and family are safe. You can also save on routine maintenance and emergency calls with our X Protection Plan. To request an electrical panel upgrade or receive a free quote, book an appointment online, contact us directly, or call (833) 729-9735.
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