Distributed power generation is gaining attention as a solution for the transmission loss and site selection in centralized power generation. Polymer-electrolyte membrane fuel cells (PEMFCs) are suitable as a distributed power source for residential areas because of their high efficiency and low environmental impact. This study proposes a combined power generation system for recovering waste heat from both the cell stack and the reformer of a PEMFC by applying an organic Rankine cycle (ORC). The best working fluid with the highest ORC power output (i.e., the highest combined system efficiency) was identified through a parametric study of different working fluids. An economic analysis was also performed for different working fluids, waste heat sources, and types of system operation. The results show that the installation cost of the ORC can be recovered within the fuel cells lifetime in all design cases. Greater cumulative profit can be generated by maintaining the same power output as the stand-alone PEMFC system for greater efficiency than when increasing the power output to sell surplus power. The results demonstrate that the optimal heat recovery from the PEMFC system is both thermodynamically and economically beneficial. (C) 2018 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.