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Can I run 2 main panels both with separate circuits and main disconnects all off of 1 electrical service from the street? basically separate 1st floor 2nd floor with different boxes and only one service.

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Your profile does not show where you are from. If you are in the US, then the answer is yes. The main electrical drop has to be sized for both panels and each panel should have its own utility meter. All NEC codes must be conformed to. You need to consult your local government to see about local codes as well.

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And if you only want 1 meter, then maybe a sub-panel is more what you are looking for. – Kellenjb Jan 26 '12 at 1:25

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