The answer to 'panel upgrade vs' is that a panel upgrade is generally recommended over a simple panel swap. A panel upgrade involves replacing the entire electrical service panel, which provides more power capacity, safety features, and future-proofing for your home. This is especially important if you have an older home, plan to add major electrical loads like an electric vehicle charger or heat pump, or want to improve the overall safety and reliability of your home's electrical system.
A panel upgrade typically costs between $1,500 to $5,000 depending on the size of your home, the complexity of the installation, and whether you need to upgrade the service from the utility. While more expensive upfront, a panel upgrade provides long-term benefits like increased electrical capacity, improved circuit protection, and the ability to accommodate new technologies. In contrast, a simple panel swap only replaces the panel itself without upgrading the underlying electrical system, and may not be sufficient for modern electrical needs.