In general, modeling of photovoltaic-thermoelectric (PV/TEG) hybrid panels have been mostly simplified and disconnected from the actual ambient conditions and thermal losses from the panel. In this study, a thermally coupled model of PV/TEG panel is established to precisely predict performance of the hybrid system under different weather conditions. The model takes into account solar irradiation, wind speed and ambient temperature as well as convective and radiated heat losses from the front and rear surfaces of the panel. The model is developed for three sample cities in Europe with different weather conditions. The results show that radiated heat loss from the front surface and the convective heat loss due to the wind speed are the most critical parameters on performance of the hybrid panel performance. The results also indicate that, with existing thermoelectric materials, the power generation by the TEG is insignificant compared to electrical output by the PV panel, and the TEG plays only a small role on power generation in the hybrid PV/TEG panel. However, contribution of the TEG in the power generation can be improved via higher ZT thermoelectric materials and geometry optimization of the TEG. (C) 2016 Elsevier Ltd. All rights reserved.