I asked this question in a convoluted way and didn't get any answers, so I thought I'd ask again and make my question clearer with more images.
I have a 150 amp disconnect at the meter. The box only has the 150 amp disconnect with no additional room (see picture). The 150 amp sub panel inside the house is full.
I'd like to upgrade that box with 200 amp service and some room for additional breakers.
Can I install a 200 amp box like the image below, then add a 150 amp breaker (also pictured) for the 150 sub panel in the house, leaving me with additional space for more breakers?
@Tester101: to answer some of your questions and address your points: 1) The overhead conductors that run from the pole to the meter are adequately sized for 200 amp service 2) The meter and the disconnect are in the same box (as shown), so the issue of adequately sized conductors between the meter and disconnect is minor 3) The grounding/bonding conductors may have to be upgraded, but I'll consult an electrician for that (and all of the issues you've mentioned...I had not planned on proceeding without having a pro review my plans). I really just wanted to make sure I was on the right track re: replacing the meter/disconnect box with a larger disconnect (200 amps), then have a 150 amp breaker for the main subpanel already located in the house. I would then have additional room in the new meter/disconnect box to add circuits as needed