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Aim of the paper is to present a theoretical investigation into the energy performance of a novel PV/T module that employs the MPCM (Micro-encapsulated Phase Change Material) slurry as the working fluid. This involved (1) development of a dedicated mathematical model and computer program; (2) validation of the model by using the published data; (3) prediction of the energy performance of the MPCM (Microencapsulated Phase Change Material) slurry based PV/T module; and (4) investigation of the impacts of the slurry flow state, concentration ratio, Reynolds number and slurry serpentine size onto the energy performance of the PV/T module. It was found that the established model, based on the Hottel–Whillier assumption, is able to predict the energy performance of the MPCM slurry based PV/T system at a very good accuracy, with 0.3–0.4% difference compared to a validated model. Analyses of the …