I need to replace a main load center from the side of my house (it's FPE, so it's gotta go). Plus the utility is willing to increase my current 100A service to 200A, so I'll need a new meter base for that.
This house originally had wood siding, and about ten years ago it was covered with EIFS, aka synthetic stucco over styrofoam. I'm not sure if the wood siding was removed first or not. The good news is that it was fully permitted, and based on the install date, should be the modern kind of EIFS with a drainage channel behind the insulation.
I believe this panel was surface-mounted on the original wood siding, and then when EIFS is added, they just went around the panel, so it's now sitting halfway between surface mount and flush mount. From the other side of the wall, I can see the metal of the box, so it looks like the drainage channel is not continuous behind the box, but rather they flashed to the sides of it. I don't see any signs of water damage at present.
I'm trying to figure out my best option for replacing this box while still keeping my wall watertight. So far I've thought of a few options:
Abandon the current panel in place, and (surface mount) install a new one right next to it. Wire length is not an issue, since most of the circuits will be moved to a new subpanel in the garage (where all the wiring to the house crosses anyway), and the new service drop will give me the length on the service entrance cable. In this case, I would need a new wall penetration for 2" minimum conduit for the feed to the subpanel. Probably the worst option aesthetically, but by far the cheapest and easiest.
Demo some of the EIFS directly around the panel and masthead conduit, remove the current panel, and surface-mount a new one in its place. This will require widening the current hole since modern panels are not available as narrow as the current one. With this approach, I expect significant challenges getting it watertight, and I'm not sure I'm comfortable DIYing it.
Remove the current panel and install a new flush-mount panel. This approach would probably look the cleanest, but I've mostly ruled it out because the stud spacing in that part of the wall isn't wide enough for modern panels, so the wall's framing would have to be significantly altered, in addition to the challenges waterproofing it.
So my questions are, what approach would you recommend taking, and how DIYable is it? If I go with option 1, how difficult will it be to seal around a conduit penetration in EIFS-with-drainage over wood?
EDIT: Some more pictures showing the wall's construction: 1) looking up at the wall's layers from the foundation, 2) looking at the back of the box from inside the garage, and 3) a picture near a hose bib on the other side of the house that shows all the EIFS layers