repairman inspecting an electric box

7 Ways an Electrical Panel Upgrade Saves You Money

Your electrical panel has a main circuit with many branches to run electricity through your home or business. Your electrical panel needs maintenance and has parts that will wear out over time. There are many good reasons to consider upgrading your electrical panel, including saving you money.

1. Increase Your Energy Efficiency

Your electrical panel carries a specific electrical load to run everything in your home or business. Electricians may install more electrical equipment as your power demand increases over time. Your electrical panel may struggle to meet the new demand and use more energy to run your building. An upgrade will ease the load on your system.

2. Lower Your Insurance Premium

Your insurance depends on the safety of your building, and an older electrical panel carries higher risks of fire. Upgrading your electrical panel can lower your insurance premium by decreasing the chances of an electrical fire. An insurer may discount your policy because an upgraded electrical panel is a safety feature.

3. Reduce Your Electric Bills

An older electrical panel may struggle with your current power needs and not utilize energy properly. The extra consumption of energy raises safety concerns as well as your energy bills. You may need an electrical panel upgrade if your energy bills rise without a change in usage.

4. Increase Your Home’s Safety

Older electrical panels don’t have the same safety standards as current models, which have overload and surge protection. These extra safety measures reduce the risk of accidental shock and fire. The safety measures will protect your home and devices from accidents and storms.

5. Increase Your Home’s Value

An electrical panel can increase the resale value of your house, which will help when you’re looking for a buyer. An updated electrical panel increases the safety of your house and its value. An electrical panel has an average of a 53% return on its investment, so you can recoup around half when you sell your property.

6. Reduce Maintenance and Repair Costs

You’ll need more repairs and maintenance the older an electrical panel gets due to malfunctions and circuit overloads. Our electricians can repair the electrical issues, but frequent repairs are costly. A new electrical panel may reduce the need for constant repairs as long as pre-emptive maintenance continues.

7. Increase Consistency of Your Energy Level

A new electrical panel means a more stable level of electricity running through your home or business. Older electrical panels allow power fluctuations, which harms newer appliances and devices. Modern electrical panels can reduce the chances of tripping circuit breakers and damaging devices.

Your electrical panel may struggle to power your residence as your electrical needs change. Upgrading your electrical panel reduces the stress on your system while saving you money over time. If you have issues with electrical panel in Eugene, OR, then call us at Excel Electric for a repair or replacement today.