Price is determined by what the market will bear.
Yes, I am a broken record but it is true.
Experience does play to that, I’d gladly pay yo $175/hour, but not even near that for someone just out of college.
But experience is not absolute as pricing is a dark art. I try to determine what I can get from a client and go for the max and readjust if they balk. For example, a Fortune 500 will likely pay more than a startup, but not in every case. So the “exact same” project between two different clients would be priced differently.
If they do balk at your price, don’t just lower your price to get the job, be sure to adjust your SOW to reflect your reduction of work. If you don’t, they will know to always ask for a price reduction.
Then of course price will depend on the services provided. For example, concept development will have a higher hourly rate over CAD work.
You also need to consider the precedent you have made with existing clients. They will not like you raising the price. It is so much easier to lower a price than to raise it.