If you're planning to upgrade your electrical panel, you should prepare to spend a significant amount of money. The average hourly cost for an electrician to perform an electrical panel upgrade is around $80 to $100. However, the final cost will depend on various factors, such as the complexity of the job, the location, and the service provider you choose.

Cost breakdown: The electrical panel upgrade cost breakdown includes several aspects such as materials, labor, and permit fees. The materials needed for the upgrade, such as breakers, wires, and panels, can cost between $500 to $2,500. The labor cost for installation can range between $900 and $1,800. The permit fee will depend on your location and can range between $100 to $300.

Factors affecting cost: Several factors can affect the cost of an electrical panel upgrade, such as the type and quality of the accessory, the complexity of the job, and the location and service provider. Upgrading to a higher quality panel will cost more but will also enhance the safety and efficiency of your electrical system. The complexity of the job, such as rewiring or installing additional circuits, will increase the labor cost. The location and service provider can also affect the cost, as prices can vary by region and company.

The cost of an electrical panel upgrade can fluctuate based on the professional category of the electrician. For example, a master electrician, who has more experience and training, will charge a higher hourly rate than a journeyman electrician. The hourly rate can also vary based on the company, as large companies may have higher overhead costs than small businesses, resulting in higher prices. However, it's essential to consider the experience and credentials of the electrician, as a well-qualified electrician can complete the job more efficiently and with fewer errors, saving you money in the long run.