In my zip code, replacing the panel in my house was quoted by the ONE contractor who actually showed up at around $40-$50,000. The local municipality owns and maintains the "grid". Their own trucks, linemen, etc. AND, they hold us up to their own "electrical code". AND, they have a very short list of "approved" contractors. So, no competition, most contractors who aren't on "The List", which no one is allowed to see anyway, just laugh and say, No!" when you tell them where the project is.
My house was built in 1959, with a "200-amp" Federal-Pacific, split buss, FUSE panel. Light bulb base and cartridge FUSES, NOT circuit breakers. The panel is fed with what appears to be 1/0 Aluminum SER cable. So it can't really support 200amps, but that is what my electric bill charges for. Anyway, I have wanted to replace the thing since we moved in. The ONE contractor who showed up to give an estimate said every circuit he touched would have to meet "current borough codes" to pass the final inspection. Well, replacing the main panel means "touching" every branch circuit. All of which are 1959 era "romex", as in, the ground wires aren't the same gauge as the current carrying conductors. This meant that EVERY foot of wire in the joint would need replacing.
This cat wanted to bust holes in all of my real plaster walls to pull all new wire. And, he said he could set me up with a "really good drywall guy", who was also "approved by the borough." That was fifteen years ago. I imagine the price is even higher these days. Fuses are cheap. So is fire insurance. Relatively speaking...