the peltier effect

Hi,

About to start a project that needs a cooling system and i was wondering if anyone had heard or used this effect (current through, say, copper to iron to copper hooked to dc source and heat being produced at one metal connection and a cooling effect at the other) and what they have experienced with the effect.

If so, could you use colling effect directly to cool and use evaporative cooling on ‘hot’ effect to conserve energy?

cheers!