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The class 320 socket is rated by either way depending on lugs but typically 2 sets of 4/0 is common for 400 amp resdentail service.I have a customer that has installed a whole lot of new electrical equipment, mainly electric heating (floor heat, individual heating units in all bathrooms, another range, cooling, etc.) I spoke with her about upgrading the service and that is what she wants to do. But, I have a question. What size conductors are normally used for a service using a meter socket rated at 400 amp (non-continuous) 320 amp (continuous) that is going to feed two separate 200A (main circuit breaker) panels. (The panels will be right next to each other.)
but for POCO uility side that depending on overhead or UG but with OH service typically 500 Kcm alum but UG that is up to POCO call on what they run on the lateral runs can be either 350 or 500 Kcm alum depending on the load caluations and what POCO can provided on their side.
Before you order the 320 class socket make sure you read the POCO specs carefully due there are some specific model they are allowed. so be aware of that. ( either horn bypass or lever bypass or none )