Can anyone identify this device? It is mounted on top of the service panel and connected to the service lugs.
I believe it is a surge suppressor, Richard.
And welcome back to our forum!..Enjoy! 
Thank you Larry.
You’re welcome, Richard!
There is a similar looking device installed by utilities to reduce power at times of peak demand, called a demand controller. They will remove it at the customer’s request, if that’s what it is…
I have come across many lightning arresters that are the same size and shape. I have not seen a red one though. If it is lightning arrestor the wires should go to a breaker and not directly to the lugs although I have seen them connected directly to the lugs before.
Are there any markings on it?
No markings. I verified with my master electrician brother in law that it is in fact an old school surge protector. He said it would wire directly to the service conductor lugs, though it probably does not work anymore.
Thank you for the photo. I’m going to save it in my photo library.
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Thanks! Great to know that is a surge protector. It makes me wonder if it meets current safety standards being that it is not provided with overcurrent protection and it is located outside of the panel enclosure.