It is important to upgrade your panel as old panels have limits on available space to add circuits or they have fuses. Something to consider, there are insurance companies that will not insure a property that has fuses. Another thing to be concerned about is old panels having had circuits added to them over time and are maxed out. Numerous old panels are
of lesser quality and just stop working and needs to be changed.
Therefore, a "service change" is required. This may include not only upgrading your electric panel, but upgrading your meter socket, the wire between the meter and panel, the wire between the utility and the meter and the grounding system as well. A panel upgrade or replacement is usually required to alleviate a problem with the existing panel.
An electric service upgrade is regularly encouraged or required to increase the capacity of the current electric service. With all of the new home equipment and technical gadgets we have in our homes, we find that older homes simply don’t have enough power available to
deal with the increased demand. Thus, a “service change" is needed. This might also consist of not only upgrading your electric panel, but upgrading your meter socket. A panel upgrade is typically required to relieve a problem with the current panel.