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On average, the cost to wire a new home ranges from $2 to $5 per square foot. The cost to rewire a house is around the same, ranging from $2 to $4 per square foot. Often, though, new wiring comes with lower overall costs since it’s much easier to access a home’s foundation. 

Yes, a water leak poses a major fire risk at your home because water is a conductor of electricity. Water that comes into contact with sparks or electrical wires can instantly ignite flammable materials. Additionally, any type of exposure to water can cause wires and other electrical components within your home to corrode. When assessing categories of water damage, it's important to know that even a small amount of moisture near wiring could cause sparks that lead to a fire.

It might seem tempting to use 14-gauge wires for your outlets, as they can run a little cheaper. But, when it comes to electrical work, it’s best not to cut costs less you overload your circuit. A 12-gauge wire will ensure that you’re protecting the outlet (and your circuit breaker) from any potential overloads that might incur, as it can handle a little more amplitude than a 14-gauge wire.

Electric water heaters use a high amount of electricity, so they’re best for homeowners who subsidize their electric bill with solar or who live in an area with inexpensive electricity. For others, gas water heaters versus electric water heaters may be the more cost-effective solution, with the added bonus of heating water quickly and efficiently. No matter which you choose, you can lower your water temperature as low as possible to keep costs down.