We investigate the thermoeconomic potential of a solar-combined heat and power (S-CHP) system based on concentrating, spectral-splitting hybrid photovoltaic-thermal (PVT) collectors for the provision of electricity, steam and hot water for processing milk products in dairy applications. Transient simulations are conducted by using a system model with real-time demand and weather data as inputs, taking account of the spectrum-selective features of the PV cells as well as key heat transfer mechanisms that determine the electrical and thermal performance of the PVT collector. Economic performance is also assessed by considering the investment and savings enabled by the reduced electrical and fuel consumption. The results show that incorporating spectral beam-splitting technology into hybrid PVT collectors can be effective in maintaining the PV cells at low temperatures, while at the same time supplying thermal outputs (fluid streams) at temperatures significantly higher than then cell temperatures for steam generation and/or hot water provision. Based on a 15, 000-m2 installed area, it is found that 80% of the thermal demand for steam generation and 60% of the hot water demand can be satisfied by the PVT S-CHP system, along with a net electrical output amounting to 60% of the demand. Economic and environmental assessments show that the system has an excellent decarbonisation potential (1, 500 tCO2/year) and is economically viable if the investment cost of the spectrum splitter is lower than 0.85 of the cost of the parabolic concentrator (i.e., <2, 150 €/m2 spectrum splitter) in this application
