Present communication undertook a comparative study of partially covered (covered by glass to glass PV module) N number of low concentrated photovoltaic thermal (CPVT) collector connected in series for Srinagar, India (cold climate condition) by considering two fluids or cases: case (i) [water as a fluid] and case (ii) [air as a fluid]. Mass flow rate (constant) and number of collector for desired maximum outlet temperature have been optimized at m(f) =0.005 kg/s and N = 10, respectively. Annual electrical gain, overall thermal energy and exergy of proposed system have been calculated as 49.01 kWh, 1087.33 kWh and 214.37 kWh for [case (i)] respectively for a typical day (clear day condition) throughout in the year which have been found as 1.04, 2.75 and 2.14 times higher than for case (ii). Life cycle cost analysis or exergy cost per kWh for case (i) has also been calculated as 20 Rs/kWh, 33 Rs/kWh and 57 Rs/kWh for interest rate 2%, 5% and 10%, respectively, if proposed system has 30 years of life cycle. Carbon credits for case (i) have been found as 12781.82 Fts/tCO(2e) on overall exergy basis which is 2.14 times higher than for case (ii) for life cycle of proposed system. Energy payback time has been obtained 9.81 years for present system in case of water as fluid.