The work verifies the hypothesis of compensation of the efficiency loss in photovoltaic modules by the working temperature, with the co-generation of energy, using the thermal energy of the modules to be converted into electric energy, by the Seebeck effect, using thermoelectric wafers (known by the acronym TEG). Theoretical analysis and also the simulation for the application of the system in commercial photovoltaic modules in several areas within the State of São Paulo - Brazil is performed.