Combining photovoltaic (PV) and photo-thermal (PT) energy collection strategies in a single system can enhance solar energy conversion efficiencies, leading to increased economic returns and wider adoption of renewable energy sources. This study focuses on incorporating a commercial luminescent organic dye (BASF Lumogen F Red 305) into ethylene glycol to explore its potential for PVT applications. The optical and electrical characteristics of the working fluid were evaluated at different temperatures under direct solar irradiance. Pristine ethylene glycol reduced the maximum PV cell temperature by 10 °C. The inclusion of luminescent dye at various concentrations further reduced the maximum temperature, with the lowest concentration achieving a 7 °C decrease compared to pristine ethylene glycol. The highest dye concentration (0.50 wt%) resulted in a significant temperature reduction of 12 °C. While electrical conversion efficiencies decreased with increasing dye concentration, all concentrations exhibited higher fill factors compared to the bare PV cell during the 100-min illumination period. A ray-tracing model was employed to analyze the behavior of the luminescent dye and quantify transmitted energy for electricity and thermal energy production. Different concentrations showed varying energy outputs, with lower concentrations favoring electrical energy and higher concentrations favoring thermal energy. Economic assessment revealed the viability of certain concentrations for specific countries, highlighting the trade-off between thermal and electrical energy generation. These findings provide valuable insights for PVT system applications in different geographical and economic contexts.