A novel solar based multigeneration system including thermoelectric generator is developed and analyzed energetically and exergetically. A unique cooling system of PV (photovoltaics) panels incorporating thermoelectric generator and cooler is developed to improve the efficiency. An exclusive integration of thermoelectric devices with multigeneration system is designed to increase the energy and exergy efficiency of overall system and hydrogen production. The heat rejected during the operation of thermoelectric devices is conserved through innovative design of fluid flow across the low and high temperature junctions. The operating conditions and their influence on energy and exergy efficiency of overall system and PV panels, and work done by thermoelectric devices are examined. The energy and exergy efficiencies of the PV panels and the overall system are improved significantly, after incorporating thermoelectric generation. The maximum work done by the thermoelectric generator and cooler is increased considerably, by increasing the temperature of solar heat transfer fluid. This proposed system appears to be superior to conventional thermoelectric generation-based systems. (C) 2015 Elsevier Ltd. All rights reserved.