The research focus immersed on the renewable power generation is moving more expeditiously than the conventional power generation schemes. Additionally, apart from all other hybrid systems, Photovoltaic Thermal Systems (PTS) possesses the unique advantage of utilizing the maximum incident solar energy emanating from the radiant sun. Ordinarily, various PTS configurations implement different thermal extraction and heat utilization methods. This exhaustive work majorly concentrates on the flat plate PTS configuration commercialization concepts. Nevertheless, the current research scenario for each specific configuration, such as liquid type PTS, air type PTS, Phase Change Materials (PCM) based PTS, Thermoelectric Generator (TEG) integrated PTS, and other hybrid configurations are withal discussed. In the commercialization aspect, the specific major constrain is economic considerations. However, there is a lack of literature studies on the financial issues of various PTS configurations. The main objective of the proposed work is to develop a theoretical economic model for the hybrid PTS configurations with a single reference frame. Therefore, this notable work considers the Levelized Cost of Energy (LCOE) for calculation of economics involved in the different PTS configurations and it compares with the standard PV model. Furthermore, theoretical results show that the LCOE of TEG based PTS configuration has exceptionally 8.71% higher LCOE than the standalone PV system, similarly for liquid, air, PCM and Nanofluid based arrangements is 43.5%, 24.24%, 28.40%, and 28.40% higher than the standalone PV systems. © 2020 Elsevier Ltd