An alternate solution is a Bucking Transformer. While fixed, it is essentially foolproof.
For an excellent article on Buck and Boost Transformers, see Elliot Sound Products'
Bucking (And Boosting) Transformers. Yes, you read right. If you have low consistently low voltage, it is possible to boost to nomimal.
Sadly, no hope for Californians when they shut the power off.
It works by wiring the primary and secondary out of phase. The primary opposes the voltage in the secondary. Simple math 122-5 = 117. Using a center tapped transformer gives two choices -5V and -2.5V. See drawing below for a method to determine polarity.