Concentrating and spectrum splitting photovoltaic (PV) modules have a limited acceptance angle and thus suffer from optical loss under off-axis illumination. This loss manifests itself as a substantial reduction in energy yield in locations where a significant portion of insulation is diffuse. In this work, a spectrum splitting PV system is designed to efficiently collect and convert light in a range of illumination conditions. The system uses a holographic lens to concentrate shortwavelength light onto a smaller, more expensive indium gallium phosphide (InGaP) PV cell. The high efficiency PV cell near the axis is surrounded with silicon (Si), a less expensive material that collects a broader portion of the solar spectrum. Under direct illumination, the device achieves increased conversion efficiency from spectrum splitting. Under diffuse illumination, the device collects light with efficiency comparable to a flat-panel Si module. Design of the holographic lens is discussed. Optical efficiency and power output of the module under a range of illumination conditions from direct to diffuse are simulated with non-sequential raytracing software. Using direct and diffuse Typical Metrological Year (TMY3) irradiance measurements, annual energy yield of the module is calculated for several installation sites. Energy yield of the spectrum splitting module is compared to that of a full flat-panel Si reference module.