Semiconducting materials with a unique blend of high electrical conductivity and low thermal conductivity are required for efficient thermoelectric devices. In this aspect, Heusler alloys are potential candidates for thermoelectric materials. It has been observed that Co doping in Mn2F eAl enhances the electrical conductivity as well as reduces the thermal conductivity of the system leading to an improvement in Figure of merit. The Seebeck coefficient suggested the p-type behavior over the whole temperature range, followed by a maximum at 150 K. Additionally, the electronic properties of the Mn1.5Co0.5F eAl, suggests that the observed Raman mode is due to the electronic excitations in the system. Interestingly, this system shows a decoupling between the Seebeck coefficient and electrical conductivity, suggesting the promising potential of Mn1.5Co0.5F eAl as a thermoelectric material and offering valuable insights into its electronic properties.