Source: https://www.khou.com/article/news/news-explainers/the-why/ho...
All of the existing distribution conductors need to be buried either by trenching or directional boring, all of the pole-mounted transformers need to be replaced with pad-mounted transformers , and all of the customer service drops need to be converted from overhead to underground.
In another post, someone said about $2.5M per square mile, which isn’t actually all that much money. If you figure half labor and half material costs (fairly standard for electrical construction) and labor costs of $100/hr (IBEW 66 journeyman lineman), that’s 12,500 hours of labor, or a 6.25 person crew for one year to convert one square mile, and Houston is 637 square miles.
~4,000 person years of labor, 400 full time linemen could do the whole city in 10 years.