Sounds like the cooling unit, i.e. heat sink and controller chip. $35 + $10 shipping from vinotemp, and you install yourself. I'm looking at the same thing (on the 28TEDS), though mine came after having to replace (for $45 and my own installation, incl. soldering) the circuit board. I hope yours doesn't go, too. I've read of others. Pretty poor quality parts they appear to use. I'm trying to find somewhere to buy the controller chip on its own, as the heat sink is simply a hunk of metal. Hopefully that's do-able, as it is with computer cpu's.
See:
http://www.vinotemp.com/Browse.aspx/446/Replacement-Parts