PrycebookHow to price an electrical panel upgrade
Last updated
A panel upgrade is a bigger, riskier job than most, so it rewards a price built from the parts up. This guide prices one upgrade step by step. Every number is an assumption for the example: replace each with your own.
Step 1: List the materials and permit
Say you are replacing a main panel and the work includes the panel itself, breakers, a meter socket, conduit and wire, and the permit and inspection fee.
| Panel | $380.00 |
| Breakers and small parts | $150.00 |
| Meter socket, conduit and wire | $270.00 |
| Permit and inspection | $140.00 |
| Materials and permit | $940.00 |
Step 2: Estimate the labor
Say the job takes 8 labor hours across the crew, and your burdened labor rate is $60 an hour. If you also lose time to the utility disconnect and the inspection, count those hours too.
| Labor | $480.00 |
Step 3: Add overhead for those hours
Say your overhead works out to $30 per billable hour. The break-even rate calculator turns your monthly overhead into that figure.
| Overhead | $240.00 |
Step 4: Add up the cost
| Materials and permit | $940.00 |
| Labor | $480.00 |
| Overhead | $240.00 |
| Total cost | $1,660.00 |
Step 5: Divide by one minus your margin
Say you want a 30% margin. Divide the cost by (1 - 0.30), which is 0.70.
| Price | $2,372.00 |
| Profit | $712.00 |
| Check the margin | 30.0% |
What changes the price
- Needing a new service entrance or a longer run to the meter adds materials and hours. Quote those as separate lines rather than hiding them in the base price.
- Drywall or paint repair is a different trade's work. Say so on the quote.
- A price built on 8 hours only holds if the estimate is right. Track how long your panel jobs actually take, and adjust.
Test the price
Enter your own materials, hours and rate in the job profit calculator to see the margin a price gives you. To keep upgrades quoted consistently, see how an electrical price book holds each job's price once.