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

Problem

When using Terraform 1.1.0 or later you might encounter the following error when using cost estimation in your 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 instance can be found in the official documentation: https://www.terraform.io/docs/enterprise/admin/upgrades.html
• If you are unable to upgrade to v202111-1due to restrictions in your organization, you must 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