A semitransparent photovoltaic‐thermal (PV/T) air collector can produce electricity and heat simultaneously. To maximize the thermal and overall efficiency of the semitransparent PV/T air collector, its availability should be maximum; this can be determined through a Markov analysis. In this paper, a Markov model is developed to select an optimized number of semitransparent PV modules in service with five states and two states by considering two parameters, namely failure rate (λ) and repair rate (µ). Three artificial neural network (ANN) models are developed to obtain the minimum cost, minimum temperature, and maximum thermal efficiency of the semitransparent PV/T air collector by setting its type appropriately and optimizing the number of photovoltaic modules and cost. An attempt is also made to achieve maximum thermal and overall efficiency for the semitransparent PV/T air collector by using ANN after obtaining its minimum temperature and available solar radiation.