A new cooling approach for a semi-transparent photovoltaic system using a solar chimney (STPV-SC) is proposed and economically evaluated. The STPV panels are utilized as the collector roof of a solar chimney for enhancing the panels cooling. For analyzing the system, a mathematical model based on the heat transfers between three main components of system: STPV, inside air and ground is developed and the results are validated by the experimental data reported in the literature. Furthermore, a comprehensive economic evaluation is carried out for the proposed system and payback period, as well as unit cost of produced power, are reported as the main economic parameters. The influence of main decision variables including packing factor, chimney height and collector radius is investigated on the power generation and economic performance. Moreover, the economic assessment of proposed system is carried out for five selected cities in Iran. Based on the results, packing factor always optimizes the economic performance, whereas the lowest payback period is obtained for packing factors between 0.3 and 0.5. Also, it is found that the highest and lowest economic enhancements by using the proposed system belong to Shiraz and Tabriz cities with about 11% and 5%, respectively.