Terraform Enterprise - Cost Estimation fails with 'unsupported state format version'

Problem

When using Terraform 1.1.0 or later the following error can occur when using cost estimation in a workspace. 

unsupported state format version: expected ["0.1" "0.2"], got "1.0"

Cause

Terraform updated the format_version for the JSON representation of state from "0.2" to "1.0. Support for this change to format_version "1.0" was added to Terraform Enterprise version v202111-1.

This is described in the Application level changes and referenced as "Added support for terraform-json 0.13.0" in the Terraform Enterprise v202111-1  Release Notes.

Solutions:

• Upgrading to Terraform Enterprise version v202111-1 or later will allow Terraform CLI version 1.1.0 or later to resume cost estimation operation. 
  • More information on how to upgrade a Terraform Enterprise Application can be found in the official documentation: https://www.terraform.io/docs/enterprise/admin/upgrades.html
• If unable to upgrade to v202111-1due to organization restrictions, use a Terraform version below 1.1.0 in order to avoid these errors with cost estimation.

Additional Information

• Terraform Enterprise v202111-1  Release Notes