This paper examines the steady-state and transient performance of a single-path air-based bifacial photovoltaic thermal (PVT) panel with regard to the first and second laws of thermodynamics. A bifacial PVT panel requires an appropriate reflector behind the solar cells, rather than an absorber plate. A flat plate air-based PVT panel was developed based on the bifacial PV cells requirement. A mathematical model was developed to evaluate the energy and exergy performance of the panel. 8.5% exergy efficiency observed for packing factor 0.7 while the energy efficiency increase from 39% to 55% by increasing the flow rate from 0.038 kg/hr to 0.14kg/hr. The maximum energy output 270W/m2 observed at a typical day based on the climate of Malaysia, while the exergy out put reached to 50 W/m2.