Conversion efficiency of commercial PV modules has been reported very low in the range of 12–18% [1]. PV technology utilizes only visible spectrum of solar insolation, whereas the infrared (IR) spectrum is converted into heat which in turn increases the operating temperature of solar PV system and adversely affect its power generation. In summers temperature of the panel reaches 243–253 K while acting as virtual black body [2] and [3]. This unwanted heat cannot be recycled effectively by conventional methods. Since heat generated in PV system is low in temperature and low in density, thus conventional thermodynamic cycles cannot be used for the generation of electrical power. Thermoelectric (TE) generation technology appears to have advantages in this area of low grade waste heat recovery. Thermoelectric module can be used as a Thermoelectric Generator (TEG) to produce electric power when temperature gradient is available.