As the global interest in renewable energy generation continues, the need to develop new and innovative solutions is being explored every day throughout the world by researchers and innovators. Hybrid renewable energy innovations are gaining progressive interest not only because of the threat of climate change but also due to the technological advancements seen in renewables. Ocean waves have immense potential as a renewable energy source, and related technologies have advanced continuously over the past few decades. In response, this paper extensively studies wave energy converters (WECs) based on the power take-off (PTO) technique, and presents a novel hybrid wave-plus-photon energy (HWPE) harvester called Wavevoltaics, based on wave and solar energy capture systems for coastal communities’ power needs, in line with decarbonization measures. The HWPE harvester uses a simple rack-and-pinion mechanism in combination with solar cell technology to convert the wave energy into usable electrical energy in a water column structural design. This novel HWPE device can be used to provide power for lighting and gadgets for coastal communities that rely heavily on fossil fuels for their lighting and electrical needs. Later in the paper, the challenges faced in hybrid wave energy development are presented.