Most would agree there is nothing quite as satisfying and rewarding as owning a home. And this is not overly surprising. After all, homeownership enables you to build equity and gives you something to pass on to your children one day. But there is a downside; you are no longer entitled to free repairs. According to a 2021 state of home spending report published by Angi’s, the average homeowner spends a little over $3,000 annually on home repairs, with electrical repair accounting for most of it.
Electrical Repair: Unearthing the True Cost of Homeownership
Murphy’s Law states that anything that can go wrong will go wrong. And you can be assured that this age-old adage applies to homeownership. When things do go wrong in a home, especially when they have to do with electricity, resolving them can set homeowners back thousands of dollars. Several things can dictate the final cost of an electrical repair, including the electrician’s flat hourly rate, which is usually $50 to $100 on average in the U.S., the nature of the repair, and the supplies needed to complete the repair.
The electrician’s expertise can also influence repair costs. For example, it is not uncommon for electricians specializing in low-voltage electrical work to charge considerably more than general electricians. If you need major electrical repair, such as having your home rewired or replacing an electrical panel, an electrician specializing in low-voltage electrical work would be the right person to call. Meanwhile, a general electrician would be ideal for smaller jobs, such as repairing or replacing a faulty outlet or putting an end to an annoying flickering light somewhere in the home. Now, let’s take a look at some of the other electrical work being performed on homes today and how much they are costing the average homeowner:
- Upgrading an electrical panel – $1,100 to $4,000
- Replacing electrical panel – $2,500 and up
- New wiring – $6 to $8 per linear foot
- Replacing a switch or outlet – $100 to $200 per switch or outlet
- Installing a new light fixture – $400
- Electrical Wiring for Home Renovations – $1,000 to $1,500
- Whole-house rewiring – $3,000 to $8,000
Since we’re discussing costs, performing some electrical repairs, like other home repairs, will require pulling a permit, which means forking over even more money. Most electricians will do this on the homeowner’s behalf, but the cost, which can be anywhere from $50 to $300, does get factored into the final bill.
Final Thoughts on the Cost of Electrical Repair
All in all, electrical repair, whether big or small, can be a costly endeavor. As such, it is best to set aside enough money so that you can pay for these and other expenses before they have a chance to spiral too far out of control.