Silver is a well-known element for use as a p-type dopant in Bi 2 Te 3 -related compounds. In this paper, an efficient method for incorporating ultra-low Ag dopant concentrations (< 1,300 ppm) into Bi 0.5 Sb 1.5 Te 3 via a simple chemical displacement reaction is described. Powders of Bi 0.5 Sb 1.5 Te 3 synthesized by mechanical alloying were reacted with Ag + ions in dilute HNO 3 solutions (pH 0.2), resulting in the deposition of Ag on the surface of the powders due to the difference in reduction potential between Ag and Bi 0.5 Sb 1.5 Te 3 . The Ag/Bi 0.5 Sb 1.5 Te 3 powders were then sintered by SPS, and the thermoelectric properties of the dense Ag-doped samples were measured. Low Ag-doped samples showed behavior characteristic of partially degenerate semiconductors, while highly-doped specimens exhibited properties associated with fully degenerate semiconductors. From the measured transport properties and theoretical estimations, successful tuning of the Fermi level with Ag was confirmed. Consequently, the temperature at which the peak dimensionless figure of merit (ZT) value was obtained increased from 50 °C to 250 °C. Such findings may be beneficial in the utilization of waste heat over a wide temperature range, as the Ag-doped samples could be employed as functionally graded materials for thermoelectric modules.