My hot water is way too hot and I finally got round to trying to sort it out. There is a thermostat on the side of the tank that's sitting inside a hole in the insulation. I've turned the thermostat down to 50 degrees but the water is still piping hot. I took the thermostat out and the surface of the tank is quite cool, I don't understand, why isn't it hot like the water is!? Anyway the thermostat can't be doing anything cause it's touching cold tank. There is another thermostat on top of the tank but I understand this is for the electric immersion heater. Anyone have any ideas whats going on?