I agree with the possible loose neutral situation also. As far as the transformer, My house is the only load on a 15 KVA pole pig, it is about 60 feet from the pole to my meter, every time my 4.5 ton AC compressor starts there is a noticible flicker in the lights. Put this same load on a 10 KVA pot and it could pull down enough to turn the light out. What kind of meter did you use to measure the voltage when AC started? Most DVOMs are not fast enough to catch the dip, so it is likely the reading you got was on its way back up before your meter settled down. Just my 2 cents.
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