Phase change materials (PCM), thermoelectric generators (TEG), and nanofluids are popular methods investigated for improving conventional photovoltaic thermal (PVT) systems. These methods are particularly used in warm climates where high temperatures negatively impact photovoltaic (PV) power output and energy efficiency. This experimental study evaluated the effects of 32 °C melting point PCM and TEG integration on PVT units, as well as 42 °C melting point PCM and nanofluid incorporation on concentrated PVT (CPVT) units. Technical, exergetic, and economic performance were compared using a small-scale PVT module. Low-cost commercially available materials were used to construct all PVT units. Industrial metal waste was introduced to enhance the thermal conductivity of paraffin wax and salt hydrate PCMs. The results indicated that applying PCMs, porous media, and concentrator plates increased energy generation, potentially offsetting their higher initial cost and achieving an energy cost of approximately $0.135/kWh. However, TEG and nanofluid implementation remained uneconomical, leading to a 15–35 % increase in energy cost. The water-based CPVT unit, enhanced with paraffin wax and copper fins, demonstrated the best technical performance. This unit achieved electrical, thermal, and exergy efficiencies of approximately 15.5 %, 37.4 %, and 16.7 %, respectively, with more than a 20 % reduction in cell temperature. The study also revealed that severe structural changes caused by corrosion of metallic materials in hydrated PCMs could alter the melting point by more than 30 %. This change negatively impacts heat storage capacity. Conversely, incorporating metal chips in non-hydrated PCMs improved the time to reach the melting point state by 30–60 minutes.