In this work, thermal modeling and performance analysis of the dual channel semitransparent photovoltaic thermal (DCSPVT) module has been carried out. For extracting heat associated with the lower and upper surface of the solar cell, two channels have been proposed; (i) one is above the solar cell called upper channel and (ii) second is below the solar cell called lower channel. Firstly, thermal modeling of DCSPVT module has been developed. After that, performance analysis of the above system has been carried out for Srinagar, Indian climatic condition. Performance in terms of electrical gain (EG), thermal gain (TG), overall exergy gain (OEG), overall thermal gain (OTG), electrical efficiency (EE) and overall exergy efficiency (OEE) of the DCSPVT module (case-I) have been compared with single channel semitransparent photovoltaic thermal (SCSPVT) hybrid module (case-II). The average improvement in EG, TG, OEG, OTG of the case-I have been observed by 71.51%, 34.57%, 5.78% and 35.41% respectively as compared to case-II. (C) 2016 Elsevier Ltd. All rights reserved.