When pricing residential electrical work, it's crucial to break down costs into labor and materials, then apply your desired profit margin. Labor rates typically range from $50 to $130 per hour, depending on the electrician's experience and location. For more extensive projects like rewiring, consider charging on a per-square-foot basis, where rates can go from $10 to $20.
Procurement of materials also carries a markup of approximately 15%, as this covers the costs incurred for sourcing and handling. Establishing clear tiers can help in targeting different market segments while ensuring that profit margins align with the complexity of the jobs undertaken.
