The piezoelectric energy-harvesting system with double-well characteristics and hysteresis in the restoring force is studied. The proposed system consists of a bistable oscillator based on a cantilever beam structure. The elastic force potential is modified by magnets. The hysteresis is an additional effect of the composite beam considered in this system, and it effects the modal solution with specific mass distribution. Consequently, the modal response is a compromise between two overlapping, competing shapes. The simulation results show evolution in the single potential well solution, and bifurcations into double-well solutions with the hysteretic effect. The maximal Lyapunov exponent indicated the appearance of chaotic solutions. Inclusion of the shape branch overlap parameter reduces the distance between the external potential barriers and leads to a large-amplitude solution and simultaneously higher voltage output with smaller excitation force. The overlap parameter works in the other direction: the larger the overlap value, the smaller the voltage output. Presumably, the successful jump though the potential barrier is accompanied by an additional switch between the corresponding shapes.