A conventional window system can be replaced by a semitransparent PV window system, which generates electrical energy, provides natural daylighting, and improves the building's overall energy efficiency. The present study evaluates the performance of three different types of PV window systems, namely, STPV (Semitransparent Photovoltaic), SAG (Semitransparent-photovoltaic-Airgap-Glass), and VSAG (Ventilated Semitransparent-photovoltaic-Airgap-Glass) operating in heating and cooling mode, for the climatic conditions of Calgary, Canada. Periodic mathematical thermal models based on the energy balance equations of the window systems are developed to evaluate the systems' performance under the shading and non-shading effects of a curtain. The results indicate that the VSAG window system can be operated in heating mode to increase the room air temperature and in cooling mode to decrease the room temperature. Additionally, the curtain's transmissivity, PV modules' packing factor, and airflow rates could be used as a controlling measure to keep the room temperature within a comfortable range in different climatic conditions. Reducing the transmissivity of the curtains by 20% lowers the room temperature by 2.5 °C while decreasing the packing factor by 10% increases the room temperature by 4.8 °C.