In this paper, the optimization of a solar photovoltaic thermal (PV/T) water collector which is based on exergy concept is carried out. Considering energy balance for different components of PV/T collector, we can obtain analytical expressions for thermal parameters (i.e. solar cells temperature, outlet water temperature, useful absorbed heat rate, average water temperature, thermal efficiency, etc.). Thermal analysis of PV/T collector depends on electrical analysis of it; therefore, five-parameter current-voltage (I-V) model is used to obtain electrical parameters (i.e. open-circuit voltage, short-circuit current, voltage and current at the point which has maximum electrical power, electrical efficiency, etc.). In order to obtain exergy efficiency of PV/T collector we need exergy analysis as well as energy analysis. Considering exergy balance for different components of PV/T collector, we obtain the expressions which show the exergy of the different parts of PV/T collector. Some corrections have been done on the above expressions in order to obtain a modified equation for the exergy efficiency of PV/T water collector. A computer simulation program has been developed in order to obtain the amount of thermal and electrical parameters. The simulation results are in good agreement with the experimental data of previous literature. Genetic algorithm (GA) has been used to optimize the exergy efficiency of PV/T water collector. Optimum inlet water velocity and pipe diameter are 0.09 m s(-1), 4.8 mm, respectively. Maximum exergy efficiency is 11.36%. Finally, some parametric studies have been done in order to find the effect of climatic parameters on exergy efficiency. (C) 2014 Elsevier Ltd. All rights reserved.