▸ We studied feasibility of a photovoltaic-thermoelectric hybrid by modelling. ▸ Such a hybrid may lead to increases total efficiency up to 23%. ▸ Annual yield increase of hybrid depends on location dependent average temperature. ▸ Future thermoelectric materials will allow for even bigger increase in efficiency. Outdoor performance of photovoltaic (PV) modules suffers from elevated temperatures. Conversion efficiency losses of up to about 25% can result, depending on the type of integration of the modules in the roof. Cooling of modules would therefore enhance annual PV performance. Instead of module cooling we propose to use the thermal waste by attaching thermoelectric (TE) converters to the back of PV modules, to form a PV–TE hybrid module. Due to the temperature difference over the TE converter additional electricity can be generated. Employing present day thermoelectric materials with typical figure of merits (Z) of 0.004K−1 at 300K may lead to efficiency enhancements of up to 23% for roof integrated PV–TE modules, as is calculated by means of an idealized model. The annual energy yield would increase by 14.7–11%, for two annual irradiance and temperature profiles studied, i.e., for Malaga, Spain, and Utrecht, the Netherlands, respectively. As new TE materials are being developed, efficiency enhancements of up to 50% and annual energy yield increases of up to 24.9% may be achievable. The developed idealized model, however, is judged to overestimate the results by about 10% for practical PV–TE hybrids.