I understand that I cannot exceed 150V for Solar Input Voltage to the AC500.
Is the 150v limit on each DC Input DC1, DC2 or the combined solar inputs
e.g. if I have two completely separate Solar arrays each with a maximum output voltage of 120V, can I connect one array to DC1 and the other to DC2 (total voltage of both arrays 240V)
Yes DC1 and DC2 can BOTH accept a maximum voltage of 150 volt so you can connect two separate solar arrays to DC1 and DC2 and treat them like they are 2 separate solar charge controller devices.
To take better advantage of the two independent solar arrays connected to DC1 and DC2 please set the PV parallel mode to OFF on the device settings.
.
Answer to your question is: yes
.
In your case there is no “total voltage of both arrays” because they are independent and connected to two separate controllers.