Re: '95 merc 150 charging system
The 2 regulator system is indeed 2 seperate systems. If it's working, the battery voltage should be somewhere between 13 and 14 volts when the engine is running, maybe a little over idle. This, of course, assumes that the battery is good.
You can disconnect the 2 yellow wires to either regulator, and if there is no change (drop) in the voltage, you found eithere a bad stator or regulator. Don't try to unplug them on a running engine, they bite like a crocodile.
You can also move the tachometer wire to the other regulator. Usually (not always) if the regulator fails, it will also fail to drive the tach. The tach should run equally well off either regulator.
Open circuit, the stator will put out anywhere from 20 to about 100 volts at WOT. Don't try to run the output of the regulators without a load. You can, however, connect each to a different battery as long as both negative terminals goe to engine ground. Many bass boats are set up this way.
The mercury regulators commonly fail. The aftermarket ones available (I believe here at I-boats) are better.
hope it helps
John