This paper mainly investigated the performance of a low-cost roll-bond water-type photovoltaic thermal (PVT) collector from both experimental and modelling approaches under the climatic conditions of Sichuan Basin of China. The design and manufacturing process of the PVT prototype adopted the available commercial PV panels for convenience and for reducing the manufacturing cost. The experiment measured all the main properties of the developed PVT module. The excellent heat transfer performance of its roll-bond absorber plate was also validated by outdoor steady-state tests. Then, the steady-state numerical models were used to simulate the performance of the PVT prototype in TRNSYS. By comparing the simulation and experimental results, two robust models were selected which have their own advantages in charactering the thermal and electrical properties of the PVT collector. Through validating the numerical models with experimental data, the deviation between the simulated and the measured values was further reduced. In addition, a complete photovoltaic thermal-domestic hot water (PVT-DHW) system with such PVT collectors was developed in TRNSYS, by which the annual system output and efficiency were predicted and analysed.