In this paper we introduce an approach to damping intermittency in photovoltaic (PV) system output due to fluctuations in solar illumination generated by use of a hybrid PV-thermal electric (TE) generation system. We describe the necessary constrains of the PV-TE system based on its thermodynamic characteristics. The basis for the approach is that the thermal time constant for the TE device is much longer than that of a PV cell. When used in combination with an optimized thermal storage device short periods of intermittency (several minutes) in PV output due to passing clouds can be compensated. A comparison of different spectrum splitting systems to efficiently utilize the incident solar spectrum between the PV and TE converters are also examined. The time-dependent behavior of a hybrid PV-TE converter with a thermal storage element is computed with SMARTS modeled irradiance data and compared to real weather and irradiation conditions for Tucson, Arizona.