red and green blinking lights

[SteveS]

I am having a problem with my Next Step Regulator, serial # 114711

I was having runaway voltage, I disconnected the field at the regulator just so I wouldn't fry the batteries, got busy and went back to double check things today. Now there is no charge, I don't see any blown fuses.

I have checked the alternator and it is working properly

Both the other day and today I have both red and green blinking lights.
The red light blinks on and off continuously, on for 1 second and then off for 1 second.
The green light blinks on and off continuously but not as quickly.

I have video taped the lights, they can be found here: https://www.youtube.com/watch?v=xPDtwOYem1A

I am pretty sure the regulator is not working properly. Can you tell me what my options are? I thought I saw somewhere that there is a trade in allowance? Will the newer version plug into what I already have? How much does the upgrade cost?
How much to repair this unit and how long?

[Coulomb]

The regulator may have failed, but there may be a bad connection between the regulator and the alternator field.

Trade-in is $50. NS2 signals are the same, but on aterminal block.

Repair is 2-3 weeks, and $150 to $175.

[SteveS]

How do I check for a bad connection? It is a straight wire from the alternator to the regulator.

The regulator I have states "Next Step" but it looks like a smart regulator, is there a difference on that trade in?

[Coulomb]

Any voltage on the wire should be the same at the alternator as the regulator.

It should be close to zero with the regulaotr turned off.

Trade-in is the same.