Due to the claims made on inverter generators and all the marketing hype surrounding how supposedly fuel efficient they are, a friend and I tested one yesterday. It was a Yamaha, owned by him. We tested it against an ancient Generac GP3250 that has over 4,000 hours on it. The Generac is not in real good shape anymore, but I put new valve guides in it so it doesn't smoke (the valve guides were really bad). But the valves and seats in the head are shot. It was the only unit I had in the same size class that we could test against the high-tech Yamaha.
Amazingly, it kicked the Yamaha's a$$ for efficiency. In the mean time I got hold of a Yanmar YDG3700 diesel to test, and a Honda EM4000 that I can add to the data after I test it. I'm trying to find somebody that's got a Honda inverter gen I can test, but so far haven't found anybody. I think I can get a rental unit to test though.
We ran the generators on a measured 10 ounces of premium 91 octane pump gas with no ethanol in it, and measured the run time on that 10 ounces of fuel with various loads. We also did some surge testing, but it wasn't even worth recording any data on that. It would take 2 or 3 of those Yamaha inverter gens to match the Generac for raw surge power.
The results of the test we did yesterday are below

Edit to add some info:
The claims on the small inverter gens is that they're more fuel efficient, and that's why we tested these two units. The claims are false, at least in the case of the Yamaha. What sparked my interest in testing them was that after working as a mechanical engineer in the engine business for close to 30 years I know that an Otto Cycle engine is least efficient at low mean piston speeds. They use the so-called "Eco Throttle" on the inverter gens to idle them down, and this is supposed to save fuel.
From our test, it appears that it only saves fuel at no, or very light, loads. It was interesting to see in the test, that the efficiency of the Yamaha continued to increase with loading and gains in rpm. But it cannot keep up to the old Generac because the losses in the SCR's and inverter electronics of the Yamaha outweigh engine efficiency gains as the load is applied.
The old Generac, OTOH, gained significantly in engine efficiency as the load came up (it's a constant 3,600 rpm generator). But with no losses in electronics, it's overall efficiency is much greater than the inverter unit.
These are both about 3,000 watt generators, and only if you had loads that are below about 25% of rated power would the inverter unit come out on top. And then it's not by very much.
The test also shows the importance of sizing your standby generator for off-grid use when it runs an inverter charger to charge batteries. When it comes online it should be running at as close to full load as possible to get the most kWh from every gallon of fuel. This is not possible for grid connected standby generators - they have to run at 50% load continuous to have reserve capacity to start heavy surge loads. For off-grid that's not an issue as the inverter takes care of that even when the gen is running - at least my inverters do.
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Chris