This is similar to another question here, but with some significant differences. I'm working on refinishing a basement that was not done up to code.
Currently the electrical panel is surface mounted on a sheet of 3/4" ply, which has 1.5" XPS insulation behind it. The ply is mounted to furring strips nailed to the concrete foundation, the insulation is glued on. The panel is rated to be either surface mounted or recessed into the wall and is 3.75" deep.
The rest of the wall is going to get the furring strips removed, and the 1.5" XPS replaced with 2" continuous EPS to get us up to our local code, then a 2x4 stud wall with some kind of batting. Rockwool if I can afford it.
What I would like to do is frame around the panel to make it flush mounted and attach it to the studs, then detach the panel from the plywood and remove the plywood, insulation and furring strips from behind it and slide in the new 2" EPS. Then the panel will be a gap in the batting, but at least I can keep that continuous foam layer.
Does that seem feasible? Am I missing something stupid?