Performance limit of a solar hybrid power generation system integrating efficient photovoltaic (PV) cells and methanol thermal (T) decomposition is explored from a thermodynamic perspective within the capability of state-of-the-art technologies. This type of PVT system features potentially high "net solar-to-electric efficiency" in general, primarily resulting from a key difference in the design of the thermal part compared with conventional PVT systems, i.e. replacing heat engines by a thermochemical power generation module for thermal energy utilization. Key design parameters of the system, including PV cell type, emissivity, solar concentration ratio and solar concentrator type, are individually studied. A system combining all such optimized aspects is projected to achieve net solar-to-electric efficiencies up to 51.5%, after taking all major (e.g. optical, radiative) losses into consideration. This study reveals important insights and enriches understanding on design principles of efficient PVT systems aimed at comprehensive and effective utilization of solar energy.