A new approach for the development of thermoelectric materials, which focuses on a high-power factor instead of a large figure of merit zT, has drawn attention in recent years. In this context, the thermoelectric properties of Cu-Ni-based alloys with a very high electrical conductivity, a moderate Seebeck coefficient, and therefore a high power factor are presented as promising low-cost alternative materials for applications aiming to have a high electrical power output. The Cu-Ni-based alloys are prepared via an arc melting process of metallic nanopowders. The heavy elements tin and tungsten are chosen for alloying to further improve the power factor while simultaneously reducing the high thermal conductivity of the resulting metal alloy, which also has a positive effect on the zT value. Overall, the samples prepared with low amounts of Sn and W show an increase in the power factor and figure of merit zT compared to the pure Cu-Ni alloy. These results demonstrate the potential of these often overlooked metal alloys and the utilization of nanopowders for thermoelectric energy conversion.