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With global warming and rising energy demands, it is important now than ever to transit to renewable energy systems. Thermoelectric (TE) devices can present a feasible alternative to generate clean energy from waste heat. However, to become attractive for large-scale applications, such devices must be cheap, efficient, and based on ecofriendly materials. In this study, the potential of novel silicide-tetrahedrite modules for energy generation was examined. Computer simulations based on the finite element method (FEM) and implicit finite difference method (IFDM) were performed. The developed computational models were validated against data measured on a customized system working with commercial TE devices. The models were capable of predicting the TEGs’ behavior with low deviations (≤10%). IFDM was used to study the power produced by the silicide-tetrahedrite TEGs for different ΔT between the sinks, whereas FEM was used to study the temperature distributions across the testing system in detail. To complement these results, the influence of the electrical and thermal contact resistances was evaluated. High thermal resistances were found to affect the devices ΔT up to ~15%, whereas high electrical contact resistances reduced the power output of the silicide-tetrahedrite TEGs by more than ~85%.