Published by Green Building Advisor: New Buildings Institute says: “The process usually costs $3,000 to $25,000 and takes 2 to 18 months.” They also note that “if millions of homes upgrade their panels over the next decade, and fill the circuits with appliances that use electricity, utilities could face serious challenges meeting increased demand without making costly upgrades to the grid.” Some electrical companies suggest people should upgrade because “older electrical panels can’t keep up with the power needs of modern homes is the advent of new technologies.”

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