Will Upgrading My Breaker Box Reduce My Electric Bill?

Your electric bill is one of the many ongoing costs of homeownership. So, naturally, you may be looking for ways to lower your monthly payment. Can upgrading your breaker box help reduce your bill? Here’s everything you need to know before updating your home’s electrical system.

Will Upgrading My Breaker Box Reduce My Electric Bill? 

The short answer is yes—upgrading your breaker box can lower your future electric bills. Your breaker box is responsible for distributing electricity from utility lines to appliances, outlets, and light fixtures in your home. However, older breaker boxes weren’t designed to keep up with the energy needs of modern households. This overload often causes inefficient power distribution, which makes your energy bill more expensive. 

Upgrading to a newer system can prevent energy waste and bring significant savings on your energy bill over time. Additionally, a circuit breaker upgrade makes your home safer which boosts the property value of your home.

Pros and Cons of Upgrading a Breaker Box

Of course, any home update comes with potential pros and cons, and upgrading your electric panel is no exception. A qualified electrician in your area can help you decide if an upgrade is right for your home. 

Pros of Upgrading a Breaker Box

• Increases your home’s property value

• Fewer power surges 

• Increased electrical capacity 

• May qualify for tax credit

• May lower your homeowner’s insurance 

• May reduce monthly energy bill 

• Reduces dangerous electrical hazards 

Cons of Upgrading a Breaker Box 

• Higher initial cost to replace an electrical panel

• Coordinating with your local utility company may result in installation delays 

• May negatively impact your neighborhood’s electrical grid 

• May require permits and inspections 

• Power will be shut off during installation, causing inconvenience 

Alternative Ways to Reduce Your Electric Bill 

Upgrading your breaker box is only one of many ways to reduce your monthly electric bill. Lowering your electric bill ultimately comes down to reducing your energy usage. That means small tweaks to your daily habits makes the difference in your long-term savings.

Here are practical ways to lower your electric bill:

• Seal any cracks and gaps in your windows, doors, and baseboards

• Lower your thermostat 

• Use a ceiling fan instead of central AC

• Replace HVAC filters every three months

• Power off or unplug devices when not in use 

• Use LED light bulbs 

• Invest in energy-efficient appliances 

• Hire a pro to service your HVAC system twice per year

• Add insulation to your attic