•Analysis of thermoelectric generators for waste-heat recovery in a real industry.•Use of two computational models to design a thermoelectric generation system.•Optimized design could generate up to 45 kW from a hot gas flow.•Levelized cost of electricity of around 15 c€/kWh using this technology. One of the options to reduce industrial energy costs and the environmental impact is to recover the waste-heat produce in some processes. This paper proposes the use of thermoelectric generators at a stone wool manufacturing plant to transform waste-heat from a hot gas flow into useful electricity. A combination of two computational models, previously developed and validated, has been used to perform the optimization from a double point of view: power output and economic cost. The proposed thermoelectric generator includes fin dissipaters and biphasic thermosyphons as the hot and cold side heat exchangers respectively. The model takes into account the temperature drop along the duct where the gases flow, the electric consumption of the auxiliary equipment, and the configuration and geometry of the heat exchangers. After the simulations a maximum net power production of 45 838 W is achieved considering an occupancy ratio of 0.40 and a fin spacing of 10 mm. The installation cost is minimized to 10.6 €/W with an occupancy ratio of 0.24. Besides, the Levelised Cost of Electricity, LCOE, is estimated for a thermoelectric generator for the first time. It is necessary to use standar methodologies to compare this technology to others. The LCOE estimated for the proposed design is around 15 c€/kWh within the ranges of current energy sources, proving, in this way, the capabilities of waste-heat recovery from industrial processes at reasonable prices with thermoelectric generators.