As far as an option to do it differently, at this point, you could always take the meter off the house and mount it on a rack away from the basement wall.
It doesn't need to be on the house anyway.
With it moved away from the house you could 90 up into the meter and 90'd out of a meter/main straight back through the existing hole.
That service wouldn't fly in my area anyway.
We're only allowed 3' after the meter before we hit the 1st OCPD.
The Service conductors are beyond what's allowed in our area.
JAP>
3' wow, in N.Y. We can wrap the house in it, after penetrating we are then limited to distance, body having jurisdiction/power co. approval if more is needed.