You're on the right track. It's got something to do with the alternator.
The possibilities are these:
1) the alternator is failing to charge. This is most likely due to brushes wearing out. The alternator can be removed, and the regulator/ brush holder removed from the backside of it. The brushes should show even wear, no burning, and be at least 1/4 inch long. If not, the whole thing can be replaced or new brushes soldered in, if someone is the D-I-Y type. I think it's under $50 for a whole assembly, maybe less for used.
2) The field wire to the alternator is grounding out against the engine, or the alternator. This is a small red wire that connects to a push-on terminal (aka spade lug) on the alternator. If the insulation wears away, it can touch anything and cause havoc. Make sure it's in good shape all the way under the front pulley and up to the back of the alternator. Common problem.
3) The alternator ground wire is broken, cut or damaged. It's ok if this has some bare wire but must not be broken. This is a blue wire, on the bottom back side of the alternator, that connects the alternator body to the engine block. It's got a red part ID tag on the end closest to the alternator. It can be damaged by belt failures or sometimes road debris.
4) The large alternator wire terminal is cracked or about to fail completely. This happened in my old 86. Alt stopped charging, actually became intermittent for a while, and luckily I was close to work, where I stripped the wire, and attached a new terminal. All the dash lights went on when this was happening.
5) Less likely but it can happen: the crank pulley is starting to separate. There's another post about this in a thread from earlier today. Usually it will make some noise but basically the drive pulley slips as a rubber layer in it separates. The belts can be tight but the accessories all slow to a crawl. Potentially a new pulley is in order. Also make sure those belts run in a perfectly straight line- if the mounting bushings fail, the alternator twists, and the forward belt gets slack. Make sure that's not happening.
Good luck!
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Rob Bareiss, New London CT ::: Roterande Fläkt Och Drivremmar!
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