I know what you mean.
I know now that TECs are relatively more efficienant at low voltages. So if you raise the voltage the amount of watt gained is decreasing or you got a curve like the black one:
What you are saying if you only get 40W is that the blue curves apply to the TEC
so that a little gain in voltage in the low part 2-3 gives you a
smaller raise in W than from 12-13V Which you are denying later
in you post saying "1 more V can get you a lot more cooling when you're at 12V then when you're at 18V" So the black curve applies and you can never have +-50W (2/7 of 172W) at half voltage 12 (1/2 of 24V)
My confusion comes from the fact that
If you drop the V in half you also lower the A so you only
get one quarter of the watt wich would be on the blue curve.
just like Y=X^2 with x>0 But how do you explain the fact that
tec are more effective at low voltages and that 75% is the
best ratio.
I hate this

I need TO KNOW