I read 120V. But when I check the voltage of the load part of the module (what's actually being sent to the lamp), I'm only reading about 100V.
Is this normal? That would be about 83% efficiency correct?
First you must understand what efficiency is.
Assume you had an ideal switch turning on and off the power to a load. And as in your example the input voltage, before the switch, was 120 volts, and the switch opened and closed at a 50% duty cycle, the voltage seen by the load would be 120V x 0.50 = 60 volts. The power to the load would only be 50% of what it would be if the switch were continuously closed 100% of the time.
The load sees 50% of the power but that does not have anything to do with efficiency. Efficiency is comparing what the output power is compared to the input. And since it was an ideal switch (no power/heat losses) the efficiency is 100% even though the load is only seeing 50% of what could be possible.
A triac is a switch. Not an ideal on but it still is a switch. It turns on and off. When it is on it conducts as well as it can. When it is off it does not conduct anything (practically). When a triac is on it has has a voltage drop across it of about 1 volt. (roughly 1 volt) And that 1 volt is the part that causes most of the losses in a triac switched circuit. So if you are using a 120 volt ac input then the efficiency of the circuit will be about 99%. Once again, efficiency is related to power output compared to power input.
Now as far as the percentage of output to the load compared to the percentage of the input, that would depend on when the triac was fired (turned on). If the triac turned on at 90 degrees every half cycle then you would get half the power out to the load compared to the triac being on 100% of the time.
The problem that you have is that the triac is not on all the time when you want it to be. It is turned on further into the cycle, say at 15 degrees or more.
The triggering circuit is an important part of the minimum timing possible when controlling a triac. Just because you turned on the output of a port pin it doesn't mean that you have the conditions that allow the triac to fire. There has to be a minimum voltage present across the components before they can fire.
I don't remember what the maximum output can be. It has been a while since I looked at any of this stuff. But I would expect the maximum output to be 2-3 volts below what the input voltage is. If you are not getting that then I would look closer at the circuitry used to find out why.
I work for a company that manufactures speed control of motors, and dimmers for lighting, and heating controls, all with triacs.