The present commercial photovoltaic solar cells (PV) converts solar energy into electricity with a relatively low efficiency, less than 20%. More than 80% of the absorbed solar energy is dumped to the surroundings again after photovoltaic conversion. Hybrid PV/T systems consist of PV modules coupled with the heat extraction devices. The PV/T collectors generate electric power and heat simultaneously. Stabilizing temperature of photovoltaic modules at low level is higly desirable to obtain efficiency increase. The total efficiency of 60-80% can be achieved with the whole PV/T system provided that the T system is operated near ambient temperature. The value of the low-T heat energy is typically much smaller than the value of the PV electricity. The PV/T systems can exist in many designs, but the most common models are with the use of water or air as a working fuid. Efficiency is the most valuable parameter for the economic analysis. It has substantial meaning in the case of installations with great nominal power, as air-cooled Building Integrated Photovoltaic Systems (BIPV). In this paper the performance analysis of a hybrid PV/T system is presented: an energetic analysis as well as an exergetic analysis. Exergy is always destroyed when a process involves a temperature change. This destruction is proportional to the entropy increase of the system together with its surroundings-the destroyed exergy has been called anergy. Exergy analysis identifies the location, the magnitude, and the sources of thermodynamic inefficiences in a system. This information, which cannot be provided by other means (e. g., an energy analysis), is very useful for the improvement and cost-effectiveness of the system. Calculations were carried out for the tested water-cooled ASE-100-DGL-SM Solarwatt module. Copyright (C) 2009 Ewa Radziemska.