New answers tagged joists
Spray foam would not be either an ideal or recommended procedure to cover up all the wires where they exit from the main power panel. The first moment when some electrical problem needs troubleshooting, you need to add a new circuit or an existing wire needs moving you will be cussing that you ever thought of spraying in foam in this area.
I would caulk on both of them. The purpose of the caulk it to prevent air leaks and convection, and not sealing both will reduce the effectiveness of the insulation a bit.
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