In this paper, enviroeconomic analysis and the energy matrices, namely, energy pay back time (EPBT), electricity production factor (EPF), life cycle conversion efficiency (LCCE) and inflation based on annual overall thermal energy and exergy gain of glazed hybrid photovoltaic thermal (PVT) module air collector have been evaluated for New Delhi, India climatic conditions. As per the norms of the Kyoto Protocol, the annual carbon credits earned by the system have also been calculated. The effect on annualized uniform cost (Unacost), EPF and LCCE have been evaluated for the interest rate of 8%, 10% and 12%. It has been observed the environmental cost for overall thermal energy is 36.97 $/annum and for overall exergy is 8.55 $/annum. In other words, by including the cost of energy in the manufacturing of components of the PVT module air collector, the payback/efficiency was increased/decreased respectively by roughly a factor of four. (C) 2013 Elsevier Ltd. All rights reserved.