Hi and welcome to FixYa. I am Kelly
Usually when you have a lower voltage output that is yet above 150 VAC the problem is as simple as the engine is no longer running at full speed. This could be caused by binding carb or governor linkages but more often than not the Governor adjustment screw has backed off over time causing the engine to gradually slow so the output voltage drops. The user does not notice it so much until the output drops more than 15% and you notice dim lights... slower running equipment etc.
Look for a circular plate / governor speed plate near the base of the governor lever but off to one side that has a spring that attaches to the governor lower end of the governor. There should be a screw with a locking nut. Loosen the nut and turn the adjusting screw clockwise to increase engine speed. (You may have to barely loosen the pivot nut on the governor speed control adjustment plate to make the speed adjustment.... tighten when done with speed adjusment) Watch your output voltage and adjust the voltage to 225 VAC with NO LOAD. The voltage will drop as loads are added. Make sure to tighten the lock nut on the adjusting screw or in a matter of an hour you will have low voltage again from engine speed dropping. What ever you do.... DO NOT adjust the governor arm base attach point where it attaches to the engine.
Just so you know a weakened governor spring can cause the speed drop also. If the speed keeps dropping with extended use, you may have to change the spring that goes from the lower end of the governor arm to the governor speed adjustment plate.
Thanks for choosing FixYa,
Kelly
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