Hybrid PVT solar systems offer an innovative approach that allows solar energy to be used to simultaneously generate thermal and electrical energy. It is still a challenge to develop an energy-efficient hybrid PVT system. The aim of this work is to develop a mathematical model, investigate the system’s performance based on parameters, include sensitivity analysis in the upper layer mainly photovoltaic part, and provide an efficient and innovative system. Performance analysis of the hybrid system is obtained by establishing a mathematical model and efficiency analysis. The electrical model and thermal model of the hybrid system is also obtained by appropriate and complete mathematical modeling. It establishes a good connection of the system in the context of electrical analysis and power generation. The parameters variation impact and sensitivity analysis of the most important parameters, namely, irradiance, ambient temperature, panel temperature, wind speed, and humidity in the PV panel section, are also obtained using a MATLAB model. The results show the effective increase or decrease in the electrical power and sensitiveness in the output of the system due to this modification. Related MPP values as a result of these parameters variation and their impact on the overall output of the hybrid PVT system are also analyzed.