Your home's electric system is like your body’s circulatory system. Your electric panel is the heart of your electrical system. The circuits that carry electricity to all the plugs, lights and appliances in your house are like your veins and arteries.
Your panel determines how much power is available for the circuits to distribute to all the appliances, lights and outlets in your home.
The number and size of the circuit breakers determines how that power is distributed throughout your home.
The most important step in updating your electrical system is to upgrade the electrical panel, the reason for that is that the new appliances that are available in the market use more electricity than the older once because they have more technology in them and if the current panel is to small and wouldn't be able to take the load, it can cause electric shortages and even heat the wires to a degree that it can spark.