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Financing for Your Electrical Repairs and Upgrades

Request to prequalify for electrical financing through a local contractor in our network.
Financing for Your Electrical Repairs and Upgrades
Ready to start working on those electrical projects? We’ll try to connect you to electricians in your area who offer financing.
Explore financing options for electrical work by filling out the form above.

How to Get Electrician Financing

Step 1
Fill out the form with your details, financial information, and electrical loan needs.
Step 1
Step 2
Allow us to review your request in real time, and a pre-qualified offer for financing options may be presented on-screen.
Step 2
Step 3
If available, select an offer with terms that work for you and complete the loan application.
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Step 4
Work with your electrical contractor to complete the job while you repay the loan.
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What Is Electrical Financing?

You can use electrical financing to pay for electrical upgrades or finance electrical repairs. Securing funding for electrical work can help you afford the upgrades you want, such as wiring new spaces, replacing your panel with a higher-capacity model, or adding automation and intelligent features throughout your home.

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.

What is a Electrical Loan?

Types of Electrical Work

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:

  • Outlet installations: Replacing your old outlets or upgrading to GFCI, smart, or high-voltage outlets helps modernize your home and keep your family safe. A standard three-prong outlet lasts up to 15 years with regular use, while CFCI outlets can last up to 25 years.
  • Electrical panel upgrades: You might upgrade or replace the electrical panel if you add it to the home or if your amperage needs to change. Most modern homes use a 200-amp service. If your panel is more than 30 to 40 years old, or you experience flickering and trips, you may need to replace the panel. 
  • Rewiring: Older homes and new renovation projects will likely require some rewiring. Outdated and worn wires are an electrical and fire risk that must be addressed, and any new square footage you add to your home will need its electricity source
  • Whole home generators: An electrician can help you locate the right-sized whole home generator to power your entire home and install it according to the specifications. A whole home generator will need a transfer switch and concrete base to sit on. Some installations may also require a permit.
  • Home inspection: An electrical inspection is recommended (sometimes required) whenever you’re buying a home or renovating. An electrician can also check your circuits, wiring, and boxes to diagnose flickering lights, burning smells, and rising energy costs. 
  • New light fixtures: Upgrading lighting can refresh your home and save energy costs using a more efficient fixture. Most electricians will charge per fixture, and the costs will depend on the wiring needed to install the light and how accessible the area is.
  • Outdoor lighting: If you want to elevate your outdoor spaces, an electrician can install uplighting, flood lights, porch lights, and more. They might work with a landscape designer for these projects to ensure the lighting complements the existing landscape.
  • Smart home upgrades: Smart devices can improve security, increase convenience, and lower energy bills. Whether you add intelligent light switches, complex security systems, or smart appliances, an electrician can help wire these systems correctly.
  • Ceiling fan installation: Unless you know how to install a ceiling fan, you’ll have to hire an electrician to install the unit and wire the switches for the light or remote control. This is especially true if the ceiling is high and the location is hard to access without a construction ladder.
  • Recessed lighting: A modern way to lighten dark spaces, recessed lighting is typically billed per fixture. Electricians must add new wiring, install trimming on each fixture, and repair the drywall. The costs will be higher if you need to build lights into a new ceiling instead of adding can lights in pre-existing ceiling spaces.

How Much Does an Electrical Upgrade Cost?

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 ProjectEstimated 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

Common Electrical Problems that Require Repair

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:

  • Flickering or dimming lights: This electrical problem can indicate something as simple as a loose bulb or something more severe like faulty wiring. You could also have a power surge. If this is a regular occurrence, you should have a professional diagnose the problem.
  • Overloaded circuits: One of the most common problems today is electrical overloads, which happen when the system can’t keep up with your power requirements and trips the breakers. TVs, computers, refrigerators, HVAC systems, and more require power. To resolve this, you must redistribute the load or upgrade your electrical panel. 
  • Outdated wiring: Homes more than a couple of decades old might still have aluminium or knob and tube wiring that overloads the system and causes breakers to trip. These outdated types of wiring should be replaced with newer systems that are safer and more efficient.
  • Buzzing: A buzzing sound from a circuit breaker or outlet could mean you have an overload, loose wire, or improperly grounded wire. You should consider this and consult a professional to help locate and recommend a solution. 
  • Exposed wiring: Any exposed wiring, indoors or outdoors, should be assessed and repaired by a professional, as they can wear down and fray over time. This poses a fire risk.
  • Tripped breakers: Circuit breakers trip for many reasons, including overloads, old breaker boxes, ground faults, and short circuits. Frequent trips mean a connection could be better somewhere along the system, and an electrician can help inspect your wires to resolve the problem. 

Factors to Consider Before Planning Electrical Upgrades

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:

Hourly Minimums

Hourly Minimums

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.

Type of Electrician

Type of Electrician

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.

Permits, Inspections, and Safety Codes

Permits, Inspections, and Safety Codes

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

Benefits of Electrician Financing

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:

No Additional Costs

No Additional Costs

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.

Competitive Loan Rates

Competitive Loan Rates

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.

Fast Funding and Approval

Fast Funding and Approval

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.

Apply for a Loan

Apply for a Electrical Loan

Check Other Home Renovation Loan Options

Electrical Financing FAQ

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.

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