Currently, standard semitransparent photovoltaic (PV) modules can largely replace architectural glass installed in the windows, skylights, and facade of a building. Their main features are power generation and transparency, as well as possessing a heat insulating effect. Through heat insulation solar glass (HISG) encapsulation technology, this study improved the structure of a typical semitransparent PV module and explored the use of three types of high-reflectivity heat insulation films to form the HISG building-integrated photovoltaics (BIPV) systems. Subsequently, the authors analyzed the influence of HISG structures on the optical, thermal, and power generation performance of the original semitransparent PV module and the degree to which enhanced performance is possible. The experimental results indicated that the heat insulation performance and power generation of HISGs were both improved. Selecting an appropriate heat insulation film so that a larger amount of reflective solar radiation is absorbed by the back side of the HISG can yield greater enhancement of power generation. The numerical results conducted in this study also indicated that HISG BIPV system not only provides the passive energy needed for power loading in a building, but also decreases the energy consumption of the HVAC system in subtropical and temperate regions.