A spectrum splitting, transmissive concentrating photovoltaic (tCPV) module is proposed and designed for a hybrid photovoltaic-solar thermal (PV/T) system. The system may be able to fully utilize the full spectrum of incoming sunlight. By utilizing III-V triple junction solar cells with bandgaps of approximately 2.1 eV, 1.7 eV, and 1.4 eV in the module, ultraviolet (UV) and visible light (in-band light) are absorbed and converted to electricity, while infrared (IR) light (out-of-band light) passes through and is captured by a solar thermal receiver and stored as heat. The stored heat energy may be dispatched as electricity or process heat as needed. The tCPV module may have an overall power conversion efficiency exceeding 43.5% for above bandgap (in-band) light under a standard AM1.5D solar spectrum with an average concentration ratio of 400 suns. Passive and/or active cooling methods may be used to keep cells below 110° C. while transmitting >75% of out-of-band light to the thermal receiver, which may attain thermal energy capture at temperatures as high as 500° C. or more. A transparent active cooling system may improve the CPV module efficiency by about 1% (absolute) relative to a passive cooling system by reducing the maximum cell working temperature by about 16° C.