We present an improved theoretical model of a thermoelectric device which has been developed for geometrical optimization of the thermoelectric element legs and prediction of the performance of an optimum device in power generation mode. In contrast to the currently available methods, this model takes into account the effect of all the parameters contributing to the heat transfer process associated with the thermoelectric device. The model is used for a comparative evaluation of four thermoelectric modules. One of these is commercially available and the others an assumed to have an optimum geometry but with different design parameters (thermal and electrical contact layer properties). Results from the model are compared with experimental data of the commercial thermoelectric module in power generation mode with temperature gradient consistent with those achievable from a solar concentrator system. These show that it is important to have devices optimized specifically for generation, and to improve the contact layer of the thermoelements accordingly.