Our workbench didn't have an electrical outlet but had available wiring. To get to the final result below, I had to rip out the old 8'x4' pegboard because it was nailed in and not possible to remove without damaging it. I then installed the new outlet, and used two, smaller and lighter, 4'x4' pegboard pieces, cutting off 7" one of them to get the right fit. Perhaps the smartest thing I did was to attach the pegboard to the studs shooting black screws through some of the pegboard holes. Not only does the black color make them almost unnoticeable, but if I have to get behind the pegboard in the future, I can do that without damaging it. The final step was to paint the surface to cover up all the paint spills, nail holes, and other damage that has occurred over the years.
All of that, just to get an outlet.