Help decide if solenoid is bad

[coderunner]

I have an older Tomberlin Emerge (?2008 ). I believe the solenoid that sends power to the voltage reducer has gone bad. Help me decide if I am right before ordering the $130 part to try.

The picture attachment below shows it (couldn't figure out how to post picture with test). The black and large red wires coming in to the small and large bolts test at 48V (bringing power in). The small blue wire is from the key switch. That small bolt goes from 0 to 48 V when the key is turned on. The large bolt with yellow wire carries power to the rectangular voltage reducer on the right. I have been getting unclear readings from the bolt with the yellow wire. It acted almost like a ground (testing the two large bolts to each other gives 48V. I removed the yellow wire from the bolt and tested the bolt. Gives a zero reading with the key off or on. I'm guessing that means that the 48V are not making it across from the large red wire and it needs replaced. Does this seem right?