My IOTA transfer switch burned or started burning anyway after a little over a year of full time use. I was watching TV when I smelled wiring burning so I'm glad I was "home". Get that sucker out of there "NOW" is my recommendation. Been there, Done that, Have the shirt!
Here is a picture of the inside of the burned IOTA.
2006 GMC 2500HD CCSB 4x4 Duramax/Allison, Titan 52 gallon fuel tank, Prodigy Controller, B&W Companion Hitch
2010 Jayco Designer 35RLTS, Cummins/Onan RV QG 5500 EVAP, Progressive Industries EMS-PT50C, TST Systems 507 TPMS, RV Flex Armor Roof