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Upgrading a two-prong outlet to a three-prong outlet typically costs between $20 and $50 per outlet if the electrical box is already grounded. However, the cost can increase significantly if the system is not grounded, as this may require grounding the box or upgrading your electrical panel. Electricians generally charge between $50 and $100 per hour for labor, and the total cost for a more complex installation could range from $130 to $300.

Simple moves on the same base or within a few feet will not take long, roughly three to four hours. Larger moves onto a new wall or transitioning a box from inside to outside will take 8 to 12 hours to complete. Ask your electrician for a time estimate prior to installation.

Upgrading your electrical system can save you money on your monthly utility bills by powering your home more efficiently. Electrification nonprofit Rewiring America estimates that a household could save $1,800 per year on energy bills by upgrading to a modern electric heat pump, switching to a heat pump for their water, installing solar panels on the roof, and converting to an electric vehicle.

How far you can run underground electric depends on the wire gauge (generally AWG) and the circuit voltage. Too much voltage drop in an electrical circuit can negatively affect performance, so the smaller the voltage drop, the better. Ideally, it shouldn't exceed 3%. The smaller the wire and the longer the run, the more significant the voltage drop. 

For example, with a 120-volt circuit, you can run 60 feet of 12 AWG cable without losing more than 3% voltage. With a 240-volt circuit, you can run 120 feet of 12 AWG wire while maintaining a voltage drop of 3% or less.