Free Electrical Estimate Template (Excel)
Example bid in this template: $11,657 · Timeline: 1 weeks
Real-World Scenario: Service Panel Upgrade & 4 Receps
Materials Cost Breakdown
Direct Material| Line Item | Cost | Notes |
|---|---|---|
| 200A Panel & Breakers | $1,400 | Main panel + standard kit |
| Wire (Romex 12/2) | $650 | 250ft roll @ today's copper price |
| Conduit & Fittings | $350 | Exterior riser and ground kits |
| Materials Subtotal | $2,400 |
Labor Cost Breakdown
Direct Labor| Task | Cost | Notes |
|---|---|---|
| Demo & Service Removal | $800 | Coordination with utility |
| Panel Installation | $2,400 | Licensed electrician, 1 day |
| New Circuit Pulls | $1,200 | Fishing wire through walls |
| Labor Subtotal | $4,400 |
Markup ≠ Margin — Don't Make This Mistake
A 30% markup on $6,800 gives 23% gross margin — not 30%. To hit a true 30% gross margin, divide your cost by 0.70.
→ Verify with the Profit CalculatorFrequently Asked Questions
How do I estimate an electrical job?
Separate the service work (panel, riser, grounding) from the device and circuit work. List materials such as the panel, breakers, wire and conduit, then price the licensed labor for each task. Add overhead and divide the total by (1 minus your target gross margin) to reach the bid price.
How is the example price calculated?
Materials are $2,400 and labor is $4,400, so direct cost is $6,800. Adding 20% overhead ($1,360) gives $8,160. At a 30% gross margin, divide by 0.70 to get a bid price of $11,657.
What overhead and margin should I use?
Use your own numbers, not the placeholders in this example. Divide last year's overhead (office, insurance, vehicles, licenses) by your direct job costs to get your overhead percentage, then pick the gross margin you need to cover profit and growth.
Do I need to include permits and inspections?
Most service and panel work needs a permit and inspection, and requirements vary by jurisdiction. Add a permit line to the estimate, or state clearly that permit fees are billed separately.
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