A holographic module is designed to split light into two spectral bands for hybrid solar energy conversion. Incoming light is either transmitted to a large subsystem receiver or diffracted through an aperture in this receiver toward a second subsystem receiver. The holographic element is simulated using rigorous diffraction and ray‐tracing methods. Two applications of the design are described and simulated. A photovoltaic/thermal system with 93% optical efficiency and adjustable subsystem power output ratio is designed to address solar intermittency and provide energy storage. A photovoltaic system added to an alga biofuel operation significantly increases energy output while maintaining 92% of the original algae yield. The energy return on investment of this photovoltaic/biofuel system is 2.4× greater than that of the biofuel system alone, leading to economically viable operation. Modifications to the standard holographic lens provide additional increases in spectrum‐splitting capability, optical efficiency, and energy conversion efficiency. The diffraction‐through‐aperture concept is demonstrated as a successful approach to spectrum splitting for hybrid solar applications. Copyright © 2014 John Wiley & Sons, Ltd.