The ‘Mains’ Lamp:
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The ‘Mains’ lamp is on when mains power is applied.  After a mains failure of more than 12 minutes, the ‘Mains’ light flashes until mains power is restored and an arm/disarm cycle is completed.  The ‘Mains’ lamp also flashes to indicate a low battery condition.  When the battery is restored to full charge and an arm/disarm cycle is completed, the ‘Mains’ lamp stops flashing.
So there's three possible causes:
no AC/ adapter faulty,
Panel faulty or not charging the battery,
Faulty battery or leads/connections.
A multimeter can assist you if you have one and of course the ability to use it.
e manno
November 2012