How to Save Money on Obsolete Electrical Systems

There comes a time in every homeowner's life when they realize their electrical system is dangerously out of date. Faced with the prospect of a full rewire, many homeowners balk at the potential five-figure price tag. Thankfully, with some strategic upgrades, you can modernize your electrical system on a budget. Here's how to save money while making your home safer and more efficient.

Audit Your Electrical System

The first step is understanding exactly what you're working with. There are a few quick checks you can make to assess the state of your electrical system:

Making a list of issues you spot will help you prioritize upgrades. Safety should be the top concern, followed by convenience and efficiency.

Upgrade the Electrical Panel

The electrical panel is the central hub connecting your home's circuits to the main power line. Upgrading it provides major benefits:

Shop around for quotes, but expect to budget $1,500 or more for a full panel replacement. Installing a new panel will let you upgrade wiring gradually while enjoying immediate reliability gains.

Strategically Rewire and Replace Outlets

With the new panel in place, you can start modernizing your home's wiring one step at a time. Focus first on areas where old wiring poses safety or functional issues:

Take advantage of open walls during any renovations to replace old wiring with new 12/2 NM cable with ground. Budget around $150 per outlet for pro installation.

Incorporate Smart Upgrades

Modernizing your wiring doesn't just mean swapping in plain old outlets. Take the opportunity to build in smart features that increase safety, efficiency, and convenience:

Taking a phased approach to smart upgrades lets you spread out costs while dramatically modernizing your home's electrical system over time.

Inspect and Maintain the System

As you upgrade your home's wiring, don't neglect maintenance on aging components that remain in place:

Proper maintenance reduces electrical hazards and extends the life of existing wiring that remains functional.

Rejuvenating your home's aging electrical system can seem daunting. But taking a planned, step-by-step approach allows you to modernize wiring over time as your budget allows. Focus first on safety upgrades, then target convenience improvements. Incorporating smart features along the way future-proofs your home. With some diligence and cost-conscious electrician quotes, you can achieve a modern, safe electrical system without breaking the bank.