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Probably the very common failure of the main power supply or one of its outputs. The power supply board is normally easy to identify; it will be a smaller board but with larger parts on it and is normally plug-connected so shouldn't require soldering at all.
Panasonic may have new stock or repaired supplies on an exchange basis; call them.
The failure mode is mostly caused by the failure of a few cheap components which can be found by any tech owning an RCL meter with loss readouts.
I've repaired many hundreds of this type of supply for a dollar or two in parts and not a whole lot of time. It was a nice sideline while I still did this kind of work.
Red light flashing indicates that "SC voltage is floating". I'd recommend replacing the SC, SD and SU boards. Also know as the Y sustain (SC), Upper and lower buffer boards (SD, SU). I suggest you contact your local Panasonic Service Agent as parts are only available from Panasonic and are quite expensive.
Take ur tv aparts and the power supply board have a serial number on it.That the board,where the power a/c cord plug into it.Try website like Ebay.com search Panasonic TH-42PX500U plasma tv power supply board.Will,see many refurbish power supply board for sale.
If your TV model is TH-42PZ80U, and you want to replace the whole power supply unit, shopjimmy.com has them for $160. But for each parts# on that board itself, you need to find a Service Manual to look up that part.