I tested my transformer with a new volt tester it read 15.4 volts why not 18 volts? 18 volts and 40 watts is what rated for
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Did you test it direct off the transformer terminals with nothing else attached or at the track?
Yes right off the transformer terminals
The only way to get a correct reading of AC voltage is to use a true RMS meter. If it isn't true RMS, you will get an incorrect reading. It could also mean that your AC input is low-- but I doubt it's 20% low-- but it's possible.
You don't tell us what type or make of transformer you're testing. It is possible that small, inexpensive, or older transformers do not put out exactly what the data plate claims. Many toy transformers are not expected to deliver exactly the maximum voltage rating. There may be variations from one example to the next.
Did you check the input voltage at the receptical? Please tell us what you read there.
Also, be aware that the "40 watts" is the power consumption rating, not the power output rating. When the transformer is being taxed at its fullest, that's how many watts it will be drawing at the receptical.
It's a Lionel power max transformer .119.8 volts out of the receptacle don't know if the tester rms
I believe you have to put a load on your transformer to get an accurate reading. My two cw-80s I use for accessories peak at about 14.5 with nothing on. Turn on my accessories and peg the handle and it goes to 17or18v