Why do people keep mentioning overwatering?
Every single plant I have is watered twice a day, if not more. Restricting watering as much as possible WILL result in individual peppers being hotter, but will reduce the plant size and the total yield by a VERY, VERY large amount.
It is almost never overwatering that is the problem. If you are overwatering the only proof of that is continual fungus growing out of the soil. Otherwise, well draining soil is very hard to overwater, you'd have to deliberately try to do it.
This is one of those urban myths that will never die isn't it? There is no such thing as overwatering (within reasonable limits) if it's in decent soil. At worst applying more water just means you rinsed away fertilizer and have to add more.
In context: In my 5 gallon buckets, every single plant would be drooping and near dead if I waited even 36 hours between watering. Some can't go more than 6 hours in the peak of summer temps. I suppose if it's only a tiny plant in the pot, then it takes a lot longer but now it's summer and if plants are still small, it was something other than overwatering as the cause.