Peltier elements can work well in the right application.
I used some for cooling an overclocked pc processor several years ago, had a separate pc power supply just to feed the peltier which cooled the processor to around 5C with all the heat being dumped into a water cooling setup.
Very inefficient cooling setup, system would use just over 1KW when gaming and i'm sure the peltiers generated more heat than they actually moved.
It worked great for around 2 years until i used the pc and forgot to start the water pump, the acrylic plate on the water block melted and water leaked everywhere destroying the graphics card, sound card and motherboard
The point is, try to incorporate a fail safe control strategy to prevent freezing pipes or scalding hot water an peltiers can silently generate very undesirable temperatures.
Steve