In this work, we present a comprehensive set of models developed to assess the effect of implementing optic filters (OF) in Photovoltaic (PV) cells and modules. These optic devices can provide aesthetic versatility by producing a wide variety of colors. Additionally, OFs can provide thermal control to a PV cell/module. However, given their spectral behavior and their sensitivity to the angle of incidence of light, assessing their effect requires a specific modeling approach. We present experimentally validated models that are used to simulate the impact that implementing OFs have on the energy yield of PV devices. Results show that coloring cells using OFs could have a relatively low impact (annual energy losses below 5%). Their potential use for thermal control is also studied, showing that operating temperatures are reduced up to 10 °C when compared to a PV module without an OF.