Does Your Home Need A New Electrical Panel?
Don’t panic just yet. It’s time to get an electrician out to your house to assess the issue. It’s possible that one part of your panel simply needs repaired, which is a much smaller project.
You likely know what your electrical panel is if you’re looking at getting it replaced, but do you know exactly what it does? It’s where the electrical current from your energy company gets distributed across the different circuits in your home.
Even if you need a new panel though, your investment will pay off in the long run and serve you well for decades. It’ll even protect your home from an electrical fire since outdated or damaged panels pose an increased risk. Modern families use a larger electrical load capacity than families did 20 years ago, so if you don’t update your electrical panel to match your home’s usage, there can be issues. Putting it off for a few more months or years isn’t worth the risk of losing your belongings in a fire, so our advice is to get it done sooner rather than later and ensure a safe environment for your family.
Getting a new electrical panel can also boost the resale value of your home, just like any update will. Buyers love to know that they won’t have to spend extra on certain areas any time soon. If you try selling when your electrical panel needs replaced, the buyer might negotiate that it needs replaced before closing. That isn’t the end of the world, but it’s great to eliminate the possibility.
You’re probably wondering — how much is a new electrical panel? Well, that depends. The cost of a new electrical panel varies based on the amperage of the panel and the amount of time involved to install it. On average, you’re looking at between $1,000 and $2,500 for a brand new panel whether it’s a 100-amp panel, the minimum amount required, 200-amp panel, or larger. Normally, 100-amp panels are only installed in older home that have not been updated to modern appliances. All other homes need at least a 200-amp panel.
We don’t advise homeowners do this themselves. Yes, it might save you money, but it’s not a simple task. If you aren’t trained it can be very time-intensive and dangerous. In some cities, it’s actually illegal for anyone other than a licensed electrician to do electrical work. Also, most home insurance policies don’t cover damages that occur due to non-licensed electrical work. For all these reasons, it’s best to hire a professional.