It's low. Check for a leaky or wrong cap. 44-46+V is normal AFTER several hours on a good battery pack. Initially, it is governed by the load (current limited), but should rise. If you only go to 40.5 V, you have about a 3/4 charge.
From: RJ Kanary [mailto:rjkanary nauticom net]
Sent: Sunday, February 15, 2004 5:46 PM
To: Ferguson Apiaries; elec-trak cosmos phy tufts edu
Subject: Re: (ET) batteries charger
My charger puts out 40.5 V. Is this normal?
It depends on the state of charge. If this is open circuit charger output, it is too low.
Trojan pack at 36 V is to equalize at 46.5 V. Is my charger faulty?
It likely is . The prime suspect would be the capacitor, and its associated wiring.
See pages 1-16 through 1-20 of the Homeowner's Service Manual for the most concise diagnostics. Follow them to the letter.