I think you are barking up the wrong tree.
Is the underground conductors aluminum? My experience with aluminum is once you have insulation damage the aluminum oxidizes - and fairly rapidly ultimately leaving you with completely open circuit - which would give you power issues in the house as you would lose an ungrounded conductor - or if the neutral is lost you get voltage change issues every time a new load is turned on.
If you had copper conductors (I haven't had to repair many of these that were not damaged by someone excavating or some other major physical damage) they likely do not deteriorate at a rate like aluminum, but would still leak current to ground. How much depends on ground resistance. Lets assume 25 ohms for a moment which @ 120 volts will draw 4.8 amps or 576 watts. That will add up fast, but the longer it is in that condition the more the moisture in that soil will dry out and resistance will rise. So unless the water is being funneled into close proximity of the damaged conductor I still think it not too likely, and again if aluminum conductor it will completely fail before the bill has gotten very high very many times.
I would at least megger the underground conductors. If you pass this test, do not proceed with replacing these conductors, they are not the problem. I do have an underground locator/fault detector and could find a bad spot fairly easily, and it would cost less then rebuilding the entire service supply end, other then transportation/time to get to where you are anyway.
Just don't want to see you replace the front end of the service and then find out the lost energy consumption problem is still there after all is done. You need to find the problem and fix it, not throw money at the problem and hope you fix it.