This paper aims to introduce a dynamic model for a photovoltaic/thermal system, highlighting an approach and synthesis of existing dynamic models to depict the full photovoltaic/thermal system. The model was validated using data from an experimental setup at the Institute of Energy Technology, Faculty of Energy Technology, University of Maribor, under different weather conditions. The model's accuracy was assessed through normalized Root Mean Square Error, normalized Mean Bias Error, Correlation Coefficient, and the coefficient of determination error metrics, focusing on the temperature and electrical output power of the photovoltaic/thermal modules, as well as the temperature of the thermal energy storage tank. Furthermore, the paper also focuses on the optimal operation of the photovoltaic/thermal system under different mass flow rates of the working medium.