There are couple of factors at work when re-steeping green tea: temperature, time, and the quality of the tea (the size & way it's been processed). Green tea is supposed to be brewed with water that's been brought to boil and allowed to cool to 167 - 176 degrees Fahrenheit (though many people simply heat the water to that point or what they eyeball as hot but not boiling). Green tea is typically steeped for 1 - 2 minutes. And green tea, especially loose leaf, but also with higher quality tea bags, has furled and sometimes rolled leaves. The lower temperature, the short steeping time, and the curled leaves mean that flavor is still left within the leaves even after multiple steepings. The leaves continue to expand and release in subsequent baths. I don't, unfortunately, know any of the exact science--what's being released when, etc.
However, a possible alternative to boiling & brewing individual teas when done or simply using more tea (the typical choice when brewing larger quantities), you can bring your water to temperature, steep, pour it into a preheated or heat retaining container, and repeat the cycle until you've brewed your multiple cups in one go. As far as I know the tea leaves don't need to 'rest' in between brewings.
The reason green tea can be re-steeped is also the reason most black teas can't. Black tea is subject to boiling water for a longer period of time (typically Western use is 3 - 5 minutes; some cultures favor an even longer steep for the deeply bitter tannins). The hotter and longer steep pulls more flavor out of the leaves faster. Some black teas, especially high quality whole-leaf, can be re-steeped, however. Most bagged black teas--and a lot of loose leaf--can't.
The heat & steep time is dictated by the processing of the tea once it's picked. Green tea has minimal processing--pluck, wilt, shape & dry. Black tea is allowed complete oxidation (called fermentation). Fermentation breaks down chlorophyll, releases tannins, and forms many of the taste & aroma compounds that typify black tea. Oolongs and other varieties are subjected to varying degrees of fermentation. The size & shaping of the tea leaf--allowed to remain whole, broken, rolled, or (for most bagged tea) cut into fannings and dust, also affects how tea should be initially steeped and whether it can be re-steeped. Highly rolled oolongs, for example, often hold up to more steepings than green tea and are even said to taste best only on the 3rd or further steeping.
Your question seems to assume that the sour flavor is not how it's supposed to be. But that may simply be how the tea you've bought always tastes. If it's really sour, maybe it's just not a good tea; it could also be that you simply don't prefer this kind of tea. You could try to cover it up with a bit of sugar. But failing that, I think this is just not the tea for you. There are tons and tons of fruit-flavored teas out there, so I'm sure you can find some different ones to try.
Best Answer
Yes, tea will brew at cold temperatures. Growing up, we'd make sun tea by leaving it in a sunny window for about 8 hrs. These days, I put it in the fridge to brew simply because you have a longer window before the more bitter flavors start getting extracted.
Tea bags will brew faster, as they tend to have smaller pieces and possibly dust in them, which means increased surface area.