Research on thermoelectric geometry optimization has focused on stand‐alone thermoelectric devices utilizing energy analysis. This paper considers the multi‐parameter optimization of a solar‐powered thermoelectric generator using exergy analysis since it is more comprehensive than energy analysis. Results indicate that the energy and exergy efficiencies are minimally affected by very high optical concentration ratio values. Also, for achieving maximum performance, larger thermoelectric leg cross‐sectional area to length ratios should be used, the load resistance connected must be kept at an optimum value of 0.06 , and an optimal hot junction temperature of 489.8 K are required to obtain maximum performance from the device. Finally, the thermoelement area to length ratio is increased by 10% for maximum system performance.