Phase change materials (PCMs) integrated with photovoltaic-thermal (PVT) collectors can simultaneously generate and store electrical and thermal energy. However, design optimization requires accurate modeling of the complex heat transfer processes in PCMs under varying operating conditions. This study introduces an efficient simulation approach with generalized Nusselt number correlations to enable precise and rapid analysis of PCM thermal performance. A numerical model is developed to quantify heat fluxes, node temperatures, energy and exergy outputs across PCM solid, melting, and liquid states. Extensive analysis is conducted to explore the impact of irradiation, ambient temperature, PCM thickness, tilt angle, and wind speed on PVT performance. Key findings include: (1) thermal energy yield exceeds electrical output by 2.8 times owing to PV's low efficiency, while electrical exergy dominates thermal exergy by 5.3 times highlighting electric output's primacy; (2) electrical output chiefly depends on irradiation, while thermal energy and exergy are highly sensitive to ambient temperature and wind speed; (3) thermal energy escalates 4.5 times faster than electrical energy with irradiation rise, but thermal exergy drops sharply from 10.1 to 0.34 W as ambient temperature increases from 0 to 35 °C due to quality factor degradation. The study provides new generalized correlations, validated model, and extensive performance assessment to advance PCM-based PVT collector design.