It is definitely a difficult decision on whether to use one meter or two. I am planning on getting the second meter since I get into tier 3 with my house in the summer time. Adding about twice the consumption would probably break through the tier 5 level. That is, of course, if I stay with the Domestic rate. TOU-D-TEV would improve my cost by about $400/year, while the second meter on TOU-EV-1 with the first meter still Domestic for the house would save me a little under $600/year. My expenditure over what it would take to get power to the garage using one meter would be about $800 to $1000. So, for me, it will pay for itself in about two or three years.
Choosing a place for the meter and panel was a bit of a problem for me, because there is no more room on either side of my current meter, and I'm told that it has to be next to the old one. The current one is right at the corner of the house, so I guess the other one will have to be on the adjacent wall around the corner.
Anyway, if all goes well, we will pull permits tomorrow.
Oh yeah, one more thing. Edison will set the meter and get power to it, but all the other hardware (panel, circuit breakers, wire, conduit, etc.) is on me.