The direct conversion of solar energy into electrical energy is primarily dependent on the photovoltaic systems. However, in the last few decades, researchers have shown interest to work on the thermoelectric modules for direct conversion of solar thermal energy into electrical energy based on the Seebeck effect. This research paper provides a comprehensive analysis of various Solar Thermoelectric Generator (STEG) designs, focusing on their conversion efficiencies. Despite the comparatively lower efficiency of STEG in comparison to photovoltaic (PV) cells, owing to limitations in the figure of merit value and temperature differences between hot and cold sides of the thermoelectric modules, this study proposes strategies for enhancement. Approaches include the development of materials with higher figure of merit values, design optimization, solar tracking, heat storage systems, and efficient heat sink designs. Also, Mathematical analysis of the power and efficiency calculation of a STEG has been presented on the basis of some fundamental and derived mathematical equations. The overall efficiency of STEG, a product of Opto-thermal Efficiency and thermoelectric module efficiency, is explored, identifying an optimal hot side temperature for maximum efficiency. Module mismatch analyses for series and parallel connections are also derived, underscoring conditions for mitigating power loss. These findings serve as guidelines for designing more feasible and efficient STEG systems, with considerations for economic viability, sustainability and greenhouse gas reduction throughout the life cycle.