See, this is why it pays to read before you type. I was about to write that if Schedule 40 is acceptable for service conductors under the NEC, it should be OK for a feeder even if your local POCO regs call for metallic conduit. Then I looked and the 2002 NEC says Schedule 80. Turns out that is a change in the 2002 Code.

I didn't know, because the last time I worked anyplace that allowed PVC for a service riser was in 1997. Then again, I've never been red-tagged for a Schedule 40 lateral rising above-grade, which to my knowledge remains entirely legal in my neck of the woods.