Nevermind. I had my multi-meter on the 200V dc selection which obviously makes a big difference if the motor is running. If you switch the multi-meter to 20V dc then it reads 12.6v off and 14.5v motor running. I wonder whyt he multi-meter reads so high when the motor is running on the 200v selection?
That system is unregulated, but bounded by the absorption of the battery. If you read AC voltage, the rectifier may be bad. If only DC voltage, it may be OK.