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Desert areas are the favorable geographical locations for desired solar resource and temperature variations for improving the performance of hybrid photovoltaic-thermoelectric generator (HPV-TEG) systems. Therefore, economic feasibility analysis of HPV-TEG system is carried out under real environment and market conditions for the Atacama Desert, Chile. The thermal, electrical and economic models of HPV-TEG system are developed and analyzed in MATLAB. Five different possible scenarios are considered for economic feasibility based on energy losses, system costs, nominal efficiencies of TEG and photovoltaic module and their contribution in the economic feasibility of HPV-TEG system is identified and payback period for all scenarios is determined at minimum and maximum PV temperatures for Atacama Desert including residential and industrial electricity prices. The results showed that with existing market costs and TEG efficiency, HPV-TEG system could not be economically competitive with photovoltaic system for environmental conditions of the Atacama Desert. However, the calculated levelized cost of energy (LCOE) of the HPV-TEG system is 0.071 USD/kWh which is relatively close to current LCOEs for PV systems in Chilean energy market. Further, LCOE analysis economically quantifies the advantages of HPV-TEG system over PV system and opens the possibility for HPV-TEG systems to be competitive in desert locations. • Economic feasibility analysis of HPV-TEG system for Atacama Desert, Chile. • Levelized cost of energy (LCOE) of HPV-TEG is compared with that of PV systems. • TEG system cost reduction has more impact on reducing the HPV-TEG LCOE. • Role of PV & TEG efficiencies, costs & losses in economic feasibility of HPV-TEG. • Understanding of economic analysis of HPV-TEG system under real environment. [ABSTRACT FROM AUTHOR]