You really must hire an electrician anyway, because if not, you could definitely electrocute yourself or burn the house down due to a simple miscalculation or a tiny slip of the hand.In general, electrical wiring cannot be done by persons who are not professionally trained, and this is ten times as important for service equipment wiring. The amount of energy in a service entrance wire is thousands of times what you have in a normal live household electrical wire. Also, only qualified persons are authorized to cut the seal on the electric meter to remove the meter from the socket. The meter MUST be removed in order to even attempt this process. You could be in trouble if the power company found you tampering with the meter seal. Is it really worth all this risk just to save a few hundred dollars?
In no way can someone explain to you step by step how to do this. As a homeowner, in the USA and in many states, you are allowed to do this work by law yourself without having a license to do so. You must own the home and live in it. Check you local and state laws before proceeding. You still have to do it correctly and have it inspected by your local authorities. If you are so inclined to do the work yourself, get an electrical code book and start reading. It contains everything you need to know. The latest code book is for 2008. If you run into problems, you may have to pay for some advice from a licensed electrician. Good luck!
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