A procedure is developed to assess the potential of thermoelectric modules when used for electrical power generation. The generating performance of a thermoelectric module is evaluated in terms of its power output, conversion efficiency and reliability, while the potential for improving its performance is investigated based upon the power-per-area, cost-per-watt and manufacture quality factor. The methods employed in determining these parameters are described and used to evaluate several commercially available modules. The results show that a thermoelectric module is a promising device for low temperature waste heat recovery.