Electrical work can get expensive quickly, especially if it involves extensive rewiring or installing new electrical systems. Renovate works with reputable contractors who offer affordable and flexible financing options so you can surge ahead with your plans. Loans for electrical improvements amounts and terms vary based on your creditworthiness and the companies that offer financing.
For example, if you get electrical financing for a project that costs $7,000 at an APR of 10% over 24 months, you would pay about $323 per month. Your total cost to repay the loan would be $7,752.
Renovate’s extensive contractor network will try to connect you with a skilled electrician who can help you turn your bright ideas into a reality. Here are some of the electrical projects our contractors can help check off your list:
When budgeting for an electrical improvement, you’ll need to consider the pro’s labor rate. The hourly rate to hire an electrician can range from $50 to $140 per hour, depending on their skill level. A highly-trained master electrician’s fees will fall on the higher end of this range.
You’ll also need to account for the materials required for your electrical upgrades, like the wiring for rewiring projects or the cost of your new light fixture.
| Electrical Project | Estimated Cost |
| Outlet installation | $125–$300 |
| New light fixture | $180–$950 |
| Outdoor lighting | $2,500–$6,500 |
| Recessed lighting | $180–$450 per fixture |
| Smart home upgrade | $550–$1,800 |
| Rewiring | $4–$7 per square foot |
| Ceiling fan installation | $175–$350 |
| Whole home generator | $3,100–$10,000 |
| Electrical panel upgrade | $1,200–$2,500 |
| Home inspection | $280–$450 |
There will be signs when it’s time to update or repair your electrical systems. The experienced contractors in our network can help you address some of the most common electrical problems listed below so you can feel safe in your home:
Planning and hiring appropriately is essential when complex projects like electrical work are on the docket. Renovate’s network of first-rate contractors will consider your existing setup, budget, and local safety requirements to help you upgrade your electrical systems.
Here are some of the details they’ll empower you to consider before starting an electrical improvement:
Electricians charge an hourly minimum to cover their overhead, like travel, supplies, and general operating costs. This fee can range from one to four hours, even if the job takes less than that. If your budget allows, tackling multiple projects during the same visit might make sense. For example, you might have them install a ceiling fan at the same time they add recessed lighting and wire for smart outlets.
A reputable electrician, like the ones in Renovate’s contractor network, will outline their hourly fees before getting started on any project so you can devise a plan that fuses your list of ideas and budget.
Like many trades, electricians are certified at three levels based on experience: Apprentice, Journeymen, and Master. Some states also have different licenses (limited, intermediate, and unlimited) that allow the electrician to work on projects worth up to a certain level, like $60,000 and below. The type of electrician you choose and their skill level will determine their labor rates.
Renovate only works with vetted contractors, but it’s always worth interviewing your merchants to ensure they have experience completing the job you need help with.
Small electrical jobs, like replacing an outlet, won’t require a permit or an inspection, but more complex projects may require both. For example, if you plan to require the home, you’ll need a permit and safety inspections to help you avoid risk.
It’s also essential to ensure your electrical system meets residential safety codes, such as installing an outlet every 12 feet on walls wider than two feet. Our network of top-notch electricians can help ensure your projects are done safely and to code, following U.S. standards under the National Electrical Code (NEC), NFPA 70
Renovate helps homeowners upgrade their homes by unlocking more opportunities to rewire and illuminate. Here are some of the benefits of using Renovate to secure electrical financing:
It’s free to use our financing request form and connect with experienced contractors who may offer flexible financing solutions. Renovate will reference its network of pre-screened electrical professionals and show you affordable payment plans for your most pressing power projects without a high upfront cost.
Renovate strives to connect homeowners with varying credit profiles to reputable, pre-screened contractors and direct financing options. Our extensive, inclusive lender network sparks more opportunities for electrical upgrade financing that helps break down costs into more affordable payments that put your lighting goals within reach.
With Renovate, you may get a pre-qualification offer in minutes. Submit your request using our online form, and we’ll try to connect you with contractors who offer loans for electrical improvements near you so you can make your home safer and more comfortable.
Electrical financing may be available to homeowners with bad credit through private financing companies, but the interest rates and fees will be higher. It’s worth comparing lenders to determine who offers the best terms for making electrical improvements more affordable. You can typically pre-qualify for financing and view offers using a soft credit check, but a hard credit check will be performed during the application process. Applying with a cosigner may also improve your approval odds for financing with bad credit.
Replacing outlets costs around $125 to $300, depending on the type of outlet you install and your local electrician’s labor rate. Upgrading to an intelligent or GFCI outlet will cost more than a standard 120-volt outlet.
An electrician can help you diagnose flickering lights, tripping circuit breakers, burning odors, buzzing smells, and hot outlets. If you notice any of these signs, it’s best to consult a professional who can inspect and resolve potential dangers and safety hazards in your home. Electricians can also install new wiring and systems during a home renovation.
