The typical operating range of domestic heating devices includes only heat generation. However, the availability of combined heat and power generation in microscale devices is currently becoming a more and more interesting option. This paper shows the experimental and numerical analysis of the possibility of developing a micro-cogeneration system equipped with a wood-fired heating stove and a prototype of the thermoelectric generator equipped with low-price thermoelectric modules. In the first step, mathematical modeling made it possible to analyze different configurations of the hot side of the thermoelectric generator (computational fluid dynamics was used). Next, experiments have been conducted on the prototypical test rig. The maximum power obtained during the discussed combustion process was 15.9 We when the flue gas temperature was approximately 623 K. Assuming a case, when such value of generated power occurred during the whole main phase, the energy generated would be at a level of approximately 33.1 Whe, while the heat transferred to the water would be approximately 1 078.0 Whth. In addition to the technical aspects, the economic premises of the proposed solution were analyzed. As was shown, an installation of TEG to the existing stove is economically not viable: the Simply Payback Time will be approximately 28.9–66.1 years depending on the analyzed scenario. On the other hand, the SPBT would be significantly shorter, when the installation of the stove with an integrated thermoelectric generator was considered (approximately 5.4 years). However, it should be noted that the introduction of the power generating system to a heat source can provide fully or partially network-independent operation of the hot water and heating systems.