A power generation system for wheeled objects comprises a generator mechanically coupled to one or more of the object's wheels to convert wheel rotational energy into electrical energy. The power generation system may comprise an electrical storage device configured to store the electrical power produced by the generator. Power from the generator and/or the electrical storage device can be used to provide power to other electrical systems in or on the object. In certain preferred embodiments, the electrical storage device comprises a bank of high-capacity capacitors connected in series. Some embodiments use a control circuit, for example, to regulate the charging and discharging of the capacitor bank and to provide suitable voltages for other systems. In some embodiments, the power generation system is configured to be disposed within the object's wheel.