I know that Elec Distribution Equipment (Panelboards, Switches etc.) have a life expectancy of 50-70 years, depending on installation conditions.
The actual application is a 4 unit multi-family building built in the 40's. We're replacing all electrical distribution equipment with new since they're past the 70 year mark.
Just because it's old?
I work in an area with building stock from the late 1800's on though.
How long it lasts just depends on what you got. Our local Knob & Tube wires for example have insulation that ranges
from looking better than new to ratty to rat chewed. But the ceramic tubes that hold it all away from stuff are clean and ready for another 100 years.
There's no magic age. That era came in with "value engineering" like water heaters with a 3 year warranty expected to fail at year 4 or so. And some stuff was crap on day 1, like most of the FPE breakers.
Happy to see a new circuit in the laundry room, and for the EV charging.
But over the decades lighting loads have gone WAY down due to CFLs then LEDs.
Other than space heating, for an apartment the residents are what: charging iPhones and using a hair dryer in the bathroom?
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Get someone out without a vested interest in selling you products or services.