The only problem with #1 is the Electrical company won't be able to access your meter box if something goes wrong, & they'll charge you bc of it... you should've hinged one side to give access to the box, not cut out the meter hole either, bc all meters are pretty much smart meters these days & read from a distance via computer or Wi-Fi, so they don't need that cut out. Just saying...
Some things should be common sense and check with your utility company before doing so. So if they need to work on the meter, you just blocked access around it. Air conditioner cover....you just blocked off alot of air flow around it and it will work harder in the summer. Repair man will hate you...when he comes out to fix it. lolol. And it will be sooner than later !