Unfortunately the AC ripple would destroy the TECs fairly rapidly, and a capacitor to smooth 120v @ 10amps (need like 200miliF) would cost more than a dedicated smps. The beauty of smps is the frequency is many kHz rather than 60Hz, which makes the capacitors (and transformers) much smaller, and therefore cheaper, at the smaller cost of some beefy fets...
]JR[
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