Conductor size line and load side of meter

[mark32]

I looked at a panel that needs to be replaced, it's mounted outdoors to a wall, the meter is located right next to it. The panel powers entry and exit gates (20a@240v) and three lightly loaded 20a 120v circuits. Once I removed the dead front I was surprised to see #1 copper feeding the panel, which backfed into either a 60a or 80a breaker, the numbers are worn off. I was thinking, if needed, could I replace the #1 with a smaller conductor? #1 cu feeds the meter as well.

 

[Volta]

Yes, as long as the feeder conductors are protected at their ampacity. If this is a separate structure your disconnect (back-fed breaker) must be rated at least 60 amps. 215.39(D).