Industrial processes release substantial quantities of waste heat, which can be harvested to generate electricity. At present, the conversion of low grade waste heat to electricity relies solely on thermoelectric materials, but such materials are expensive and have low thermodynamic efficiencies... Although thermomagnetic materials may offer a promising alternative, their performance remains to be evaluated, thereby hindering their real-world application. Here we evaluate the efficiency and cost effectiveness of thermomagnetic materials that can be used in motors, oscillators and generators for converting waste heat to electricity. Our analysis reveals that up to temperature differences of several 10 K the best thermomagnetic materials outperform thermoelectric materials. Importantly, we find that the price per watt for some thermomagnetic materials are much lower compared to present-day thermoelectrics and can become competitive with conventional power plants. The materials library that we present here enables the selection of the best available thermomagnetic materials for harvesting waste heat and gives guidelines for their future development. (read more)