This paper proposes a power system concept that integrates photovoltaic (PV) and thermoelectric (TE) technologies to harvest solar energy from a wide spectral range. By introduction of the 'spectrum beam splitting' technique, short wavelength solar radiation is converted directly into electricity in the PV cells, while the long wavelength segment of the spectrum is used to produce moderate to high temperature thermal energy, which then generates electricity in the TE device. To overcome the intermittent nature of solar radiation, the system is also coupled to a thermal energy storage unit. A systematic analysis of the integrated system is carried out, encompassing the system configuration, material properties, thermal management, and energy storage aspects. We have also attempted to optimize the integrated system. The results indicate that the system configuration and optimization are the most important factors for high overall efficiency.