Recent papers [1], [2] have covered the merits of using finite elements to calculate the thermoelectric device performance for steady-state conditions. Likewise, papers [3], [4] have covered the use of finite elements to model transient cooling conditions. It remains then to model power generation performance with finite elements and compare that model with various other modeling techniques. Analysis was based on a single pellet for simplification. The pellet was modeled by treating the differential equations as closed form, finite equations across a small section of the pellet. The many sections, or finite elements, comprised the total pellet. Temperature dependent properties were incorporated into the model. The finite element analysis predicted different results than the temperature-averaging techniques as was to be expected. Finite element analysis should be used when critical optimization is required since it is able to determine accurately the nature of the thermoelectric effects of materials whose properties are highly temperature dependent. Averaging schemes, by their very nature, lose modeling information and are less accurate.