Here are a few reasons your IQ Panel could be showing AC Failure.....
1. The panel is unplugged from AC outlet
Solution: Make sure AC Adapter is plugged into the wall
2. Problem with power cords
Solution: Check if AC Adapter and Control Panel cords connected correctly
Make sure the plus cord (Black Line) is attached to the plus side
Make sure the negative cord is attached to the negative side
To make sure your cords are connected correctly to the panel, press here