SUMMARYIn this present paper, analysis based on energy and exergy of double-pass hybrid photovoltaic thermal (HPV/T) air collector having air flow in the opposite direction in ducts has been carried out based on initial cost, annual savings and return on investment. Choice of the location is made to cover different climatic conditions prevailing in India e.g. hot and dry climate represented by Jodhpur, warm and humid climate represented by Mumbai, moderate climate represented by Bangalore, cold and cloudy climate represented by Srinagar and composite climate represented by New Delhi. Results of single-pass HPV/T air collector have also been compared. It is observed that electrical, thermal and exergy efficiencies of double-pass HPV/T air collector are higher than that of single-pass HPV/T air collector by 10-12, 40-45 and 13-17%, respectively. Further, it is observed that cost per kWh of double-pass HPV/T air collector reduces for all the locations covered in the study when compared with cost per kWh of single-pass HPV/T air collector.