The answer to 'which is better panel upgrade or' is that a panel upgrade is generally better than a simple service panel change. A panel upgrade involves replacing the entire electrical service panel, which can improve the safety, capacity, and efficiency of your home's electrical system. This is often a better long-term solution compared to just replacing the service panel without upgrading to a higher-capacity model.
A panel upgrade can provide several benefits, including increased electrical capacity to power more appliances and devices, improved circuit protection with modern circuit breakers, and the ability to accommodate future electrical upgrades like electric vehicle charging or solar panels. It also brings the entire electrical system up to current safety standards, which can be important for older homes. The upfront cost is higher than a simple service panel change, but the long-term benefits often make it a worthwhile investment.