Jul 29, 2018 · In a three-wire 240V circuit, there are three wires. They are called L1, L2, and Neutral. Neutral is always color-coded white. L1 and L2 may be both black, or one black and one red. Decoding techniques may be used here to color code better. In the two-wire 240V circuit, 240V is the only voltage you can get.