i havent seen a meanwell driver working less eifficient with a lower input voltage, PJDiaz is right there.
what youre showing above is the lower the output voltage the less eifficient it is, true especially below 48V.
but we need to consider that the stated 93.5% in your example can just be reached with a higher voltage then 115V.
with 115V he will probably never go above about 90% efficiency (green line).
also often forgotten, when you max out the driver at 115V efficiency takes a small dip over 80% load.
probably the isolating transformer is maxed out, the resistance of the winding comes in to play at this load.
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