Hybrid PVT systems simultaneously produce electrical energy using photovoltaic technology and thermal energy using a heat extraction method that collects induced heat from the module. The purpose of this work is to establish a PVT system based on characterization, efficiency study, and performance analysis for both an electrical and a thermal system. A mathematical analysis of the electrical, thermal, and optical model is performed to establish the proposed system. Three types of heat exchanger pipes, including stainless steel, aluminum, and copper, are considered for a heat transfer analysis of the system. The results include temperature profiling, a comparison of the PVT system’s different components, and an overall output and efficiency study for all of the mentioned pipes. Results show that the obtained electrical and thermal efficiency for stainless steel is 0.1653 and 0.237, respectively, for aluminum it is 0.16515 and 0.2401, respectively, and for copper it is 0.16564 and 0.24679, respectively. After comparison, it was found that the overall efficiency for stainless steel is 0.40234, for aluminum is 0.40526, and for copper is 0.41244. Thus, this study will enhance the opportunity to provide an effective hybrid PVT energy management system.