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Abstract: The rapid development and sales volume of photovoltaic (PV) modules has created a promising business environment in the foreseeable future. However, the current electricity cost from PV is still several times higher than from the conventional power generation. One way to shorten the payback period is to bring in the hybrid photovoltaic–thermal (PVT) technology, which multiplies the energy outputs from the same collector surface area. In this paper, the performance evaluation of a new water-type PVT collector system is presented. The thermal collection making use of the thermosyphon principle eliminates the expense of pumping power. Experimental rigs were successfully built. A dynamic simulation model of the PVT collector system was developed and validated by the experimental measurements, together with two other similar models developed for PV module and solar hot-water collector. These were then used to predict the energy outputs and the payback periods for their applications in the subtropical climate, with Hong Kong as an example. The numerical results show that a payback period of 12 year for the PVT collector system is comparable to the side-by-side system, and is much shorter than the plain PV application. This is a great encouragement in marketing the PVT technology. [Copyright &y& Elsevier]