Small Engine Troubleshooting Problems? Ask a Mechanic Now.
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There is no adjustment on the circuit board.
This set is still under warranty.
I would highly advise you to contact your nearest Generac representative to let them take care of this under warranty.
Working on it yourself will void the warranty.
If you do not mind losing your warranty, I can walk you through troubleshooting.
I wouldn't replace either one without doing some testing. Neither are cheap.
One simple thing you can check is to remove the air filter cover.
Manually manipulate the governor to check for binding/sticking.