I had an experience once where i was getting 14.5 volts out of the voltage regulator, but the battery was discharging during mowing, with only about 10.5 volts, until the battery would no longer run the electric clutch. So I traced the wire coming off the regulator and found the ignition switch was in-line on the way back to the battery. I pulled the ignition switch and found one of the terminals was loose. I replaced the ignition switch with a new one, and it charged perfectly and never had a problem afterwards. Faulty connection inside the ignition switch restricted proper voltage from getting back to the battery.