In the present study, a novel Concentrating Photovoltaic Combined System (CPVCS) based on the spectral decomposing approach is introduced, modeled, tested experimentally and evaluated thermodynamically and economically. In this study, energy and exergy analyses of the system have been evaluated, economical analysis has been performed and the experimental results have been compared to data obtained by the control system. As a result, energy efficiencies of concentrator, vacuum tube and overall CPVCS have been determined to be 15.35%; 49.86%; and 7.3% respectively. Similarly the second law (exergy) efficiencies of concentrator, vacuum tube and overall CPVCS are 12.06%; 2.0%; and 1.16% respectively. The cost of energy production has been stated as 6.37 $/W and it is predicted that this value could be decreased by improving the system performance. (C) 2012 Elsevier Ltd. All rights reserved.