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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.
1 Upgrading an electrical panel typically costs $800-$1,200 to change an existing panel to 100 amps, or $1,500-$2,000 for a new panel. 2  It can cost $1,300-$3,000 to upgrade to 200 amps and $2,000-$4,000 for 400 amps. 3  Expect to pay $500-$1,000 for installing a new sub-panel.