A solid-state voltage regulator constructed with low current rating step changing solid-state switches, or pairs of switches, is protected against overcurrents in the interval before the opening of a slow-acting circuit breaker. The overcurrent is transferred from one switch to another in sequence rapidly to take advantage of the short time current overcapacity, or is diverted to a shunting protective switch which can have other functions. Alternatively, one switch has a high current rating, and the overcurrent is diverted to the heavy-duty switch.