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Have a 100 amp service can I install a 150 amp Circuit Breaker Panel on this service and then update the service to 150 amp at a later date?

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That is an absolute NO-NO!
If you replace a 100 amp main breaker with a 150 amp you will have compromised the very reason that the 100 amp breaker was there in the first place!
The primary reason for having a breaker in the first place is to protect the wires feeding the panel from overload which causes tremendous heat that can quickly start fires.
I would counsel anyone that is not a trained electrician to seek help from a licensed electrical contractor or a friend that works in the business as an electrician to walk you through it so that you are safe, the house is safe, and anyone that lives in the house should you move will be safe.

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You are absolutely correct, Under NO circumstances should a higher amp breaker be installed, Even if it is temporary This is just as bad as having no breaker at all. badassdeputy, Your answer is absolutely incorrect
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Con this is not for you. Iron, I lacked on time to reply on this and got locked out. OK if you READ the question and UNDERSTAND what is being asked you will see I am right. He is asking to upgrade the PANEL (which is the METAL BOX) and not the breaker which is getting swapped out. I have a 100amp PANEL but I am only running 10/3 wire and a 30amp main breaker on it. Yeah it's a sub. I have plenty of spots open. I use energy efficient lighting and have lights and outlets split up on breakers in my man bldg. I have conduit running underground and have the OPTION to run a heavier gauge wire out to the PANEL and then up the BREAKER if I want to throw in a welder and a big ass air compressor. So I hate to Burst any bubbles here.
Panel is a housing
Breaker is your tripping mechanism
SO in recapping if you have say a PANEL and want to replace it with one with more spots BUT JUST DO A PANEL SWAP and change no breakers or MAIN FEED, HELL YES YOU CAN DO THAT. So if you still think I'm wrong (which I'm not) this has been done before when I worked for a electrician. Print it out and show it to a trade guy and see then.
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no ,if you have an overload the breaker won't do its job and you could have an electrical fire.

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Yes. Panel size is amounted spots in the panel. 100=less spots, 150 or 200= more spots. This keeps the Harry homeowner at bay from putting say 20/ 20amp breakers in the box and then cooking the service. just keep the 100 amp in there till your ready for new service into your home. Make sure you have enough room for the new cable to come in and loop to the box. Make sure the service is off before you pull the main legs through both boxes. Be safe on this one.....you ever hear of a plumber drowning?? Electricity can kill ya.

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Your answer is incorrect. Under NO circumstances should a higher amp breaker be installed, Even if it is temporary. By doing so, You've just taken away protection for the existing wire, It's the same as having no breaker at all. and who knows suppose something happened from the time you changed that breaker to the time you installed the new service?
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