Install a new electric service panel by having the utility company disconnect the power at the meter, cut all the wires serving the old meter, and insert them into the new panel for connection. Installing a new service panel requires a high level of technical knowledge, and a licensed electrician should do the work. In most locations, the job requires a permit.
Once you disconnect the wires from the old panel, unscrew it from the wall and remove it. Attach a piece of 3/4-inch plywood to the studs behind the location of the new service panel to provide adequate support. Feed the service line into the new panel and attach it to the plywood, using a torpedo level to ensure the top is horizontal.
Connect each circuit in the house to the service panel. The bare wire connects to the ground bar, while the white wires connect to the neutral bar. Each colored wire connects to a circuit breaker, and the breaker then snaps into place in the panel.
After making all the connections in the new service panel, call the utility company to have it restore power to the home. Once the power is on, determine which circuit breaker is responsible for each zone of the home and label it accordingly on the panel.