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Trevor, the Peltier temperature regulator kit you got, regulates current to the Peltier by switching it rapidly on and off. That’s why you are measuring lower voltage on output. As the temperature reaches preset point, the time space between on and off period increase thus reducing average output voltage and current to about 0.35A. By using this controller the Peltier device is never fully on or fully off. Using simple thermostat on and off controller is not recommended with Peltier devices.
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