Look closely at the letters on the panel. They say SHED not SERP. I suspect the refrigerator and water heater are on AC, causing the Intellitec smart load/climate control system to shed until the generator is warmed up. If every thing is working as designed, you should be able to run 1 A/C (with out Refrig or water heater) as soon as the auto transfer switch switches over to generator. That 7K Onan generator is a strong unit.
Electronic Climate Control Service Manual.I sit corrected. 95 was the last year of the 7K gas Onan in Bounders.
96 Bounders with 2 A/Cs were only 5K.
Richard