Abstract: A handheld dryer having low power consumption is provided. A fan operates to cause air to be drawn into the housing of the dryer, creating an airstream of substantial velocity that is forced through a heater assembly. The heater assembly includes two Peltier thermoelectric modules in thermal communication with a plurality of heat sinks. The airstream generated by the fan passes through the heat sinks to remove the heat therefrom, and is, in turn, heated. The passage of the airstream through the dryer housing results in each thermoelectric module operating at essentially a zero temperature differential between its hot and cold face. Resultantly, hot air is discharged from the handheld dryer, which can be used to dry hair or other objects.