My home’s electrical panel is mounted outside, is this OK?

The National Electric Code (NEC) and your municipalities codes are the ultimate authority to answer this question.  The NEC does state in Article 312, that an electrical enclosure located in a wet or damp location shall be weatherproof.  So if your home’s electrical panel installed outside and it is exposed to the elements, it should be in a weatherproof enclosure.  Consult with a local electrician to evaluate your specific installation to be sure.

Here is a link to the NEC code section:  http://www.freenec.com/T141.html