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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.
We tell them that this usually means itâs time to replace their electrical panel. The next question we hear is a completely understandable one: âHow much will it cost?â Well, of course, it depends. But itâs safe to say a typical home electrical panel replacement costs around $2,000. That may sound like a lot of money, but letâs look at why it can be important to replace a panel, and what you get when the replacement is done well. Why Replace an Electrical Panel?