Fencing represents a major expense for ranchers, with the actual cost depending on several variables such as materials, labor, yearly maintenance and repairs. An Iowa State University Extension publication, titled "Estimated costs for livestock fencing," breaks down the construction costs and annual maintenance costs for four types of fencing commonly used on cattle operations. The estimates use a labor cost of $11.40 per hour. For electric fencing, one-quarter of the cost of an energizer is used, with the assumption that one energizer would be used for at least one mile of fence. The complete publication is on the Internet at www.exnet.iastate.edu/Pages/pubs/li.htm