Service Entrance Breakers Rain Shield
See the gutter above the meters?   Yeah?   The thing below the meters where the breakers are, used to be a gutter just like that.   It has completely rotted out.  

Your best bet here is to fully enclose this area in a "shed" with a roof that will shed rain, solid sides, and doors that latch and seal.  You can put this together out of plywood, prime, paint and caulk it.  The weird cage around it - just like that, but with solid wood.