ABSTRACT In this study, modeling of an irreversible thermoelectric heat pump was conducted, and its performance was assessed in terms of exergy for 10, 20, 30 and 40 K difference in temperature (∆T) by changing the values of the design parameters. By employing this model, positive impact of increasing cross-section area, current and thermocouple’s length which in turn increases the exergy efficiency is realized. In addition, diminishing adverse impact of adding more thermocouples on the exergy efficiency of the system is illustrated. Afterward, exergoeconomic performance of the thermoelectric heat pump is evaluated. Then, exergoeconomic factor for each of the system’s components is diagnosed. The value of the mentioned parameter for the whole system is 60.6%, representing the ratio of the investment costs to exergy destruction costs. Considering the two objectives of reducing the unit cost of produced heat and increasing the exergy efficiency, the thermoelectric heat pump was optimized to create a temperature difference (∆T) of 30 K by state of the art optimization algorithms such as MOPSO, SPEA2, PESA2 and response surface method (RSM). Comparing the drawn Pareto of each algorithm reveals that the Pareto drawn by the SPEA2 algorithm had better quality than the other two algorithms. Utilizing SPEA2 algorithm for this study yielded an exergoeconomic factor of 0.5 $/kWh and 14.8%, while the results obtained via evolutionary algorithms in this experiment are optimal compared to the RSM.