The research focus immersed on the renewablepowergenerationis movingmore expeditiously than the conventionalpowergenerationschemes.Additionally, apart from all other hybrid systems, Photovoltaic Thermal Systems(PTS)possessesthe unique advantage ofutilizingthe maximum incident solar energy emanating from theradiant sun.Ordinarily, various PTS configurations implement different thermal extraction and heat utilization methods.This exhaustive work majorly concentrates on the flat plate PTS configurationcommercialization concepts.Nevertheless, the current research scenario for each specificconfiguration, such as liquidtypePTS, airtypePTS, Phase Change Materials(PCM)basedPTS, Thermoelectric Generator(TEG)integratedPTS, and other hybridconfigurationsare withal discussed.In the commercialization aspect, the specific majorconstrainiseconomic considerations.However, thereisalackof literature studies on the financial issues of variousPTSconfigurations.The main objective of the proposed work is to develop a theoretical economic model for the hybrid PTS configurations with a single reference frame. Therefore, this notable work considers theLevelizedCost of Energy(LCOE)for calculation ofeconomicsinvolved in the differentPTSconfigurations and it compares with the standard PV model.Furthermore, theoretical results show that the LCOE of TEG based PTS configurationhas exceptionally 8.71% higher LCOE than the standalone PV system, similarly for liquid, air, PCM and Nanofluid based arrangements is 43.5%, 24.24%, 28.40%, and 28.40% higher than the standalone PV systems.