Aim of the paper is to present a theoretical investigation into the energy performance of a novel PV/T module that employs the MPCM (Micro-encapsulated Phase Change Material) slurry as the working fluid. This involved (1) development of a dedicated mathematical model and computer program; (2) validation of the model by using the published data; (3) prediction of the energy performance of the MPCM (Microencapsulated Phase Change Material) slurry based PV/T module; and (4) investigation of the impacts of the slurry flow state, concentration ratio, Reynolds number and slurry serpentine size onto the energy performance of the PV/T module. It was found that the established model, based on the Hottel-Whillier assumption, is able to predict the energy performance of the MPCM slurry based PV/T system at a very good accuracy, with 0.3-0.4% difference compared to a validated model. Analyses of the simulation results indicated that laminar flow is not a favorite flow state in terms of the energy efficiency of the PV/T module. Instead, turbulent flow is a desired flow state that has potential to enhance the energy performance of PV/T module. Under the turbulent flow condition, increasing the slurry concentration ratio led to the reduced PV cells' temperature and increased thermal, electrical and overall efficiency of the PV/T module, as well as increased flow resistance. As a result, the net efficiency of the PV/T module reached the peak level at the concentration ratio of 5% at a specified Reynolds number of 3,350. Remaining all other parameters fixed, increasing the diameter of the serpentine piping led to the increased slurry mass flow rate, decreased PV cells' temperature and consequently, increased thermal, electrical, overall and net efficiencies of the PV/T module. In overall, the MPCM slurry based PV/T module is a new, highly efficient solar thermal and power configuration, which has potential to help reduce fossil fuel consumption and carbon emission to the environment. (C) 2015 Elsevier Ltd. All rights reserved.