Solar energy being the cheapest source of renewable energy is abundantly available on earth. The energy produced by solar panels is conditioned by several circumstances in photovoltaic (PV) systems, that is, solar radiation, temperature, angle of the incident light, etc. With rising panel temperature, solar panel efficiency and photovoltaic module output power fall by 0.5% per °C. This study analyzes a hybrid solar thermoelectric system using Thermoelectric Generator (TEG) and Thermoelectric Cooler (TEC) to boost PV system efficiency. Peltier and Seebeck effects of thermoelectric devices in PV systems cool and generate voltage. By utilizing these effects thermoelectric devices improve the efficiency and output power of PV systems by cooling them and generating voltage from their excess heat. Another important aspect to maximize the efficiency of the hybrid solar thermoelectric system is the continuous monitoring of the maximum power point (MPP). In this study, the Maximum Power Point Tracking (MPPT) algorithm is applied to the hybrid solar thermoelectric system to obtain maximum power and enhance the efficiency of the system in unfavorable conditions. The use of thermoelectric devices based on silicone material can lead to increase the efficiency of the normal solar system by 9% to 4.1% at the ideal temperature of 25°C to the extreme temperature of 55°C when thermoelectric module will be work as a generator and during hot weather conditions IoT based thermoelectric module which will work as a cooler of solar panel can increase the efficiency of system by 0% to 4.1% at the ideal temperature of 25°C to the extreme temperature of 55°C by just keeping down the temperature of solar panel respectively. This study is also tested via IoT based controls of loads as well as thermoelectric coolers to make overall system more advance and efficient to control.