Upgrading your home’s electrical panel is a key step in ensuring your home is safe, efficient, and ready for future technology. As homes incorporate more electronic devices and energy-efficient systems, the demand on electrical panels increases. An outdated or undersized panel can lead to numerous issues, from power outages to safety hazards. Upgrading your electrical panel prepares your home for modern demands and energy-efficient upgrades, such as heat pumps and EV chargers, making it a wise investment. The licensed electricians at GEM are here to help!
Why You Should Upgrade Your Electrical Panel
- Managing Increased Electrical Loads: Modern homes use more electricity than ever before. Older panels may not be able to handle the increased load, resulting in frequent breaker trips and power outages. Upgrading your panel ensures your home can meet current electrical demands.
- Enhancing Safety: Older panels, especially those with fuses instead of circuit breakers, pose significant fire risks. Upgrading to a new panel reduces these risks, providing peace of mind and improved safety for your home.
- Supporting Energy-Efficient Upgrades: A new electrical panel can accommodate energy-efficient systems such as heat pumps, EV chargers, and solar panels. This not only helps reduce your energy consumption but also lowers your utility bills.
- Increasing Home Value: An upgraded electrical system can boost your home’s market value. Potential buyers are more likely to invest in a home that is equipped to handle modern electrical loads.
Who Should Perform an Electrical Panel Upgrade?
An electrical panel upgrade should always be handled by a licensed electrician, like the ones at GEM. A professional ensures the work is done safely and complies with local codes and standards. One of our professional electricians will evaluate your current system, recommend an appropriate panel, and safely complete the installation.
Click here to learn more about electrical panel upgrades with GEM
Preparing Your Home for Energy-Efficient Upgrades
One of the significant advantages of upgrading your electrical panel is that it prepares your home for energy-efficient upgrades. Systems like heat pumps, solar panels, and electric vehicle chargers require a modern, robust electrical system. Upgrading your panel ensures your home can support these technologies, helping you save energy and reduce your environmental impact.
Ready to have your electrical panel assessed? Click here to schedule a time with a GEM electrician!
Federal Tax Credits for Electrical Panel Upgrades
To encourage homeowners to enhance their electrical systems, the federal government offers tax credits for electrical panel upgrades. Homeowners can claim 30% of the project costs, up to $600, as a federal tax credit. This financial incentive makes upgrading your electric panel an even more attractive option.
How to Claim Your Tax Credit
- Keep All Documentation: Save all receipts and documentation related to the electric panel upgrade.
- Use IRS Form 5695: This form is used to claim the Residential Energy Credits on your federal tax return.
- Consult a Tax Professional: If you have any questions or need assistance, consult a tax professional to ensure you receive the full tax credit.
Click here to read about the differences between rebates and incentives
Conclusion
Upgrading your home’s electrical panel is a critical step in ensuring safety, accommodating modern electrical demands, and preparing for future energy-efficient upgrades. Investing in a new electricL panel makes your home more efficient and can increase its value. With the added benefit of federal tax credits, upgrading your panel is a smart and financially sound decision. Click here to contact the licensed electricians at GEM today to evaluate your home’s electrical needs and start the upgrade process today.
