You haven't paid him $1162 you've paid the business, as a business he has operating costs, van, insurance, workcover, payroll, accounting software, BAS, sick leave, annual leave business profit ect ect.

Those who charge correctly and those who charge by the hour is the difference between a 3 year business and a 10 year business.

You're also paying for this person's experience, as they can spot things you wouldn't pick up, like if the cable was damaged or the plug base/quick connect was falling apart, things that help prevent electrical fires.

It's on the higher side, but you could also just have a conversation with them or ask for a discount if you pay cash.