House surge suppressor installed at the meter

1. Yup. Many of us have done so. Check the posts of Chu Gai on this topic on AVSforum for lots of info.

2. Basically, the effectiveness of redirecting a surge depends on having a relatively low impedance path to ground. Putting the device at the box, puts it as close to the main ground as one can.
3. From about $100 up.

Kal

After looking around quite a bit and trying to understand the various specifications, I had my electrician install an APC PMP2X panel mount surge suppressor at the house breaker panel. It has one of the higher energy ratings at 2690 joules and 1ns surge response time, but still at a reasonably affordable price. There are other options, also, such as the Square D "Surgebreaker Plus" unit.

The power company would love to install one for you and charge you on a monthly basis in perpetuity.

Keep in mind that none of these are capable of diverting a direct lighting strike. Also, most of my reading recommended also using local surge protectors on computer and other electronic gear that would trigger at a lower surge level than the whole house unit will trigger.
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Environmental Potentials EP-2050. Email for more info. Doug Joseph will reply. He'll set you free (as Warrenh would say).

Check out the bryston website and look under products
go to TORUS,i believe they have what you are looking for
total isolation from the power grid,total protection and reserve power for power hungry amps.Really incredible units.