Luke, you were a busy boy last night (i just posted a partial answer to your 'air bubble question')!![]()
Unlike your other question, this one is easy! If you know that the water is evacuating via the light niche, go to the local hardware store, Homedepot, Lowes, etc., and get some 2 part epoxy (make sure that it will setup underwater), pull the light out, mix up some of the epoxy and liberally apply it to the conduit hole. Make sure that you pack it in ~1/2" and use a wet finger to smooth it into all areas. Then leave the light out overnight (this stuff takes about 12 hours to harden), come back the next day and replace the light.
Sounds like the builder (I assume it wasn't you, as you do service) didn't have enough of a clue to install the junction box (Jandy Aqualink) higher!! than the water levelReguardless, this will fix the problem.
If you ever need more help, contact me or post here and I'll help as I can (we're 'brothers in pool service' and we couldn't possibly have a 'conflict of interest' - given the multiple states between our areas {unless you sometimes come up to Ct, in which case, *#@#%^$ you!})
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