The concept of co-power generation from the excess heat is a rapidly developing technology due to different material innovations in the field of Thermoelectric Generators (TEGs). The photovoltaic (PV) module subjected to solar irradiation utilizes photon energy but also absorbs the heat energy. The module heat is utilized to generate power by the co-generation devices such as TEG. In this paper, theoretical analysis of hybrid PV-TEG system is analyzed using different analytical methods. The performance of PV-TEG system is estimated using mathematical models of PV and TEG using MATLAB/SIMULINK environment. In this work, a novel non-concentrated flat plate PV-TEG configuration is proposed by using the multi crystalline PV connected in rear side with the Bismuth Telluride TEG. The proposed configuration results in production of 5% additional energy with an increase in overall efficiency of 6% at STC conditions. The TEG in the configuration provides cooling for the PV system and also contributes energy of 1-3% of PV rating. The efficiency of proposed PV-TEG configuration is compared with that of standalone PV by making changes in irradiation and ambient temperature.