Rewiring your commercial premises could be necessary if you have old or faulty wiring. It could also be a chance to add in new sockets, switches, lights and other electrical installations. All in all, it could make your building safer for you and your team, more practical and possibly even more energy-efficient.

Of course, rewiring a building is not cheap. It is very labor-intensive, typically taking several days, and must be carried out by a qualified electrician. Combining it with new installations is likely to increase the cost.

So just how much are you likely to spend? Well, commercial rewiring typically costs 10% to 30% more than residential rewiring, simply because there are often more electrical outlets. The overall cost depends very much on the size of the building, but generally you’re looking at $5 to $12 per square foot.

The cost of electrical components has been on the rise recently due to supply shortages, which has made electrical work a lot more expensive. Many components are likely to continue to rise in value this year. This includes everything from switchboards to wire and cabling.

Is the price of components likely to fall? Not for a while – shortages are still affecting the market and prices are likely to keep going up until the demand can be met. Below is an infographic that explains the rising cost of electrical components, including price projections in the second quarter.

Electrical component shortages have been affecting the cost of  wire and cable