Why does my laptop become less powerful than when it was plugged in?

I have lenovo y510p with windows 8.1, 16 gb ram, 2.4 ghz i7 4th gen, and 4gn of gt 755m sli graphics, and 1920 x 1080 resolution. Whenever i unplug, the games i play drop its fps by more than twice. How do i set it to not have this occur?

It's a feature of the laptop called Optimus.

It turns out, powerful graphics cards like the GT 755M take a lot of power. With both of your cards and the CPU being pushed to their limits and the screen on, you'll probably get about 15 minutes on battery. To make the laptop's battery life not suck completely, the computer turns off the dedicated graphics card and switches to the integrated Intel HD 4600. You can turn this feature off in the Nvidia Control Panel.

Change your battery settings to High Performance.

Right click on the battery icon displayed on the start bar, right side (Where the master volume control lies)
and select power options. Next to the High Performance selection on the right hand side is a Change Plan Settings option. Select it and select the Change Advanced Power Settings. Assuming you have experienced knowledge on computers, change the required settings there. It worked for me.

Under the current power settings your laptop will go into reduced power mode to save on battery the CPU runs at roughly half it's rated clock speed, the screen dims and the GPU goes into power saving mode.

Set battery mode to high performance or keep it plugged in