Replacing a meter base is almost guaranteed to be more exoensive than a 4th conductor.
lets run the numbers on a 125 foot run (what i did for my shop) $953 for a 100 amp subpanel or $574 for a 200 amp main panel with a "400"amp meter base.
The 200 amp run came in cheaper by $379!
To run 2 gauge THWN wire for a 100 amp sub panel. each wire is 1.50 a foot at lows. that is 6.00 per foot for wire,
Wire $750
100 amp subpannel 76.04
Conduit 6.84 x (125/10) $88
Breaker $39
So 953.04 For a 100 amp subpannel.
For a 200 amp run
4/0 Underground cable 2.16 a foot, $270
400 amp meter base less than $200.
Main panel $89
A couple LB's and 20 foot of conduit $15
Or $574 for a 200 amp sub pannel with a 400 meter base.
Install was free as i pulled a permit and did it myself.
You could save some money by running you THWN wire in conduit to an outside junction box and transition to 1/0 aluminum underground wire. Then you have the cost of a junction box, special aluminum to copper lugs.
Either way when you run the numbers and take into account what has to be done to be NEC compliant upgrading the meter base can be cheaper with more amprage.


