the answers are simple:
our residential techs make approx $300/day with their burden
our apprentices make approx $125/day with their burden
My overhead per truck is approx $300/day (includes shop, advertising, office, etc.)
I need $725/day/truck to keep the lights on.
Our goal is $1000/day
Our material runs approx 10%, which leaves us with an average of $900 gross
$900-725 = $175/day/truck gross profit.
Now, how do you get those prices?
by not worrying about the "going rate". Why would I, or should I, concern myself with some guy who doesn't know his costs. Just because he's happily charging $55/hr on his way to bankruptcy, doesn't mean I need to follow.
Residential service work is the easiest field to not compete on price. It's apples to oranges on every job. There are no blueprints. There are no scopes of work. Your 200A service upgrade and my 200A service upgrade are not the same thing.
You use SER cable, T&B panel, galvanized ground rods, aluminum ground wire
We use PVC and copper, Sq D QO panel, copper ground rods, etc.
You charge $2200, we charge $3500 ...my cost is about $300 dollars more than you.
You know what, I'll get the $3500. Not everytime, but I only need to get 1 for every 2 you need to make the same money.
If we both close 50%, i need 1/2 as many calls as you.
You can worry about what the going rate is, or you can learn your costs and figure out how to sell them.
The key is, and this is the most important part, is does not matter what your price is, you have to give the customer more than you charged them.
You can not stay in business charging $3500 for a service and doing the same job as the guy charging $2000. That won't work.
But charge $3500 and make them feel like they got $4000 worth of work, and you will have happy customers and make good money.
That is the key. The rest is just ways to make that key work.
