How Much Do Electrical Contractors Make A Year: A Comprehensive Guide for Job Seekers
The electrical contracting industry has always been a lucrative one. As the world becomes more reliant on electricity, the demand for skilled contractors only continues to grow. However, if you`re considering a career in electrical contracting, one of the first questions that come up is how much you can expect to earn annually. The answer to that question can vary greatly depending on your location, level of experience, and the specific type of work you perform. In this article, we`ll take a closer look at how much electrical contractors typically make and what factors can impact their earnings.
Salaries for Electrical Contractors
According to data from the Bureau of Labor Statistics (BLS), the median annual salary for electricians, which includes electrical contractors and other similar professionals, was $56,180 as of May 2020. This figure can vary depending on several factors, including years of experience, location, level of education, and the type of work you perform. For example, electrical contractors who specialize in installing and repairing complex systems like solar panels or wind turbines often earn higher salaries than those who focus on more general electrical work.
Location
Location is one of the most significant factors that can impact an electrical contractor`s salary. Contractors who work in urban areas with higher costs of living typically earn more than those in rural areas. According to the BLS, the top-paying states for electricians in 2020 were Alaska, Illinois, Hawaii, New York, and the District of Columbia. On average, electricians in these states earned between $70,000 and $90,000 per year.
Experience
Another critical factor that can impact an electrical contractor`s salary is their level of experience. New contractors typically earn less than those with several years of experience. However, electrical contractors who excel at their craft and gain recognition for their skills can earn significantly more than their less experienced colleagues. Some contractors choose to open their own businesses, which can lead to higher earnings through increased hourly rates and profits.
Education
While a college degree isn`t always required to become an electrical contractor, specialized training or certification can make a significant difference in your earning potential. Electrical contractors with additional training in areas like solar panel installation, wind turbine maintenance, or HVAC installation can earn higher salaries than those who only have general electrical training. Additionally, an electrical contractor with a Master Electrician license may earn more than those who only have a journeyman`s license.
Conclusion
If you`re considering starting a career as an electrical contractor, there are many factors to take into account when it comes to your earning potential. Salaries for electrical contractors can vary greatly depending on your location, level of experience, and the specific type of work you perform. However, on average, electrical contractors can expect to earn a median salary of around $56,180 annually. With additional training, certification, and experience, electrical contractors can increase their earnings significantly, putting them on track for a financially stable and rewarding career.