Low-temperature thermally induced stresses in a trimaterial assembly subjected to the change in temperature are predicted based on an approximate structural analysis (strength-of-materials) analytical (“mathematical”) model. The addressed stresses include normal stresses acting in the cross-sections of the assembly components and determining their short- and long-term reliability, as well as the interfacial shearing and peeling stresses responsible for the adhesive and cohesive strength of the assembly. The model is applied to a preframed crystalline silicon photovoltaic module (PVM) assembly. It is concluded that the interfacial thermal stresses, and especially the peeling stresses, can be rather high, so that the structural integrity of the module could be compromised, unless appropriate design for reliability measures are taken. The developed model can be helpful in the stress analysis and physical (structural) design of the PVM and other trimaterial assemblies.