Big muffler on a small engine will lower the noise.
The stock mufflers are puilt to a price point.
A small car muffler is big to a 10 HP engine.
Well, that was theory many of us believed. However, try it yourself, and you'll quickly discover why expensive generators cost SO much. I'll give you a hint, it's NOT the muffler!
My Yamaha EF2400iS is only 53 dB. Whisper quiet. But the muffler isn't spectacular.
http://www.boats.net/images/diagrams/yamaha/OPE/EF2400IS/IMAGES/EXHAUST.png
Part of the noise is the exhaust. Part of it is the noise of the intake. The rest of it is the mechanical roar of the moving parts. That last piece is where the money is on an expensive generator. Otherwise, we'd all buy cheap generators, and slap big mufflers on them.
Here's one of the previous generators I had:
Cheap spark arrestor type muffler. I bought a low tone muffler, which they now sell for $110 at Jacks Small Engine parts online. Take a look at the size of this...
It did not change the overall noise level.
Here's what an airfilter looks like on a Honda 2KW:
But many will take the same path I did. Buy cheap, fuss about the noise, modify it, fuss about the noise... later buy a quiet generator. But notice how few people buy a Honda or Yamaha quiet series generator, and wonder how to make them even quieter.
Good luck!
