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Electrical contractors are highly trained professionals that earn a good hourly rate for their services. An average panel upgrade takes about 8 to 10 hours to complete. At anywhere from $50 to $80 an hour, a client can expect to pay between $500 and $800 for their project labor. Typically, wage guidelines are established by an official body like the National Electrical Contractors Association.
Cost breakdown. 1  Labor: this will depend greatly on the amount of work required as well as the skill level of each electrician. 2  Upgrade electrical service panel: upgrading a 60 amp panel to a modern standard 200 amp panel ranges between $800-$3000 according to the National Association of Home Builders.