I am replacing an electric dryer with a gas one. I had a licensed plumber install the gas line so it is ready to go.
I need a grounded 120V receptable for the gas dryer. The existing circuit is 240V and I want to reuse the cable between the panel and the receptacle and downgrade it to 120V.
Here is my problem:
The existing 240V cable does not have a groound - it is an old type that has three conductors, white (N), black (H) and red (H).
And my question:
To put in a grounded 120V outlet, what is the risk of using the red conductor as my new ground so I don't have to install a new run? Should I label the red conductor "ground" in the panel box and in the receptacle box? Should I just strip all visible red insulation from it so that no one in the future gets confused?