The aim of this study is to review photovoltaic systems, solar water heating systems and photovoltaic-thermal system, in order to understanding the principles of operation of a hybrid PVT system. The main objective of this review is to evaluate the techno-economic performance of a hybrid photovoltaic-thermal system (PVT) and compare with that of a separate performance of PV and SWH systems. A case study is carried out which considers installation of 31 kW PVT system in the climatic conditions of Cyprus. One major advantage of PVT systems over PV and SWH is the area used for installation; the PVT system produces nearly same amount of energy on half of the area that PV and SWH covers. It is found that the annual electricity production of these systems are, 54,209 kWh, and 57,207 kWh/yr., for PVe and PVTe, respectively, where PVe refers to merely PV system and PVTe refers to PV system with Thermal part. On the other hand, the production of hot water heating systems is 159, 867 kWh/yr. and 149,148 kWh/yr. for mere SWH and thermal part of PVT, respectively. The economic analysis shows that the PV+T is slightly more feasible in terms of SPP, SIR and IRR with a value of 2.8 years, 6.8 and 30% respectively, compared to the PVT system with 2.9 years, 6.5 and 28%, respectively.
