A thermoelectric heat pump (TEHP) is modeled, analyzed and optimized from the viewpoint of energy, exergy and exergoeconomic. A comprehensive parametric study is also done to clarify the effects on the energy, exergy and exergoeconomic performance of some main decision parameters. With the aim of exergetic and economic optimization, an optimization methodology based on multi-objective genetic algorithm is applied to the system and optimal values of design variables are obtained. Two objective functions are considered; exergy efficiency and unit cost of heating power. It is observed that the performance of TEHP is comparable to conventional heat pumps from the viewpoints of thermodynamic and exergoeconomic. SPECO method is applied to evaluate the exergoeconomic parameters. The results demonstrate that all decision parameters except the number of thermocouples optimize exergy efficiency and coefficient of performance of the TEHP. The obtained overall exergoeconomic factor of 60.6% illustrates that the 39.4% of total system cost relates to exergy destruction. Under optimal conditions, the unit cost of heating power and exergy efficiency are found to be 0.688 $/kW h and 14.13%, respectively. (C) 2016 Elsevier Ltd. All rights reserved.