This paper provides a detailed economic and environmental assessment photovoltaic (PV) system equipped with an innovative cooling system. The cooling system features a finned enclosure attached to the bottom of the panel. This enclosure, designed in three different geometries, is exposed to solar irradiation reflected from a strategically placed mirror underneath it, while its upper side is connected to the solar panel. Additionally, a cooling duct is employed as a secondary cooling method. Both cooling zones utilize a working material enhanced with MWCNT nanoparticles to improve heat transfer properties. The study's primary focus is on evaluating four critical performance metrics: payback period, carbon credit (CC), CO2 mitigation (CM), and electrical power output. Through detailed analysis, it was discovered that increasing the Re (Reynolds) number significantly boosts the system's efficiency, potentially doubling the electrical power output under optimal conditions. The results highlight Case B as the most effective configuration for CO2 mitigation, demonstrating superior environmental benefits compared to the other cases. Conversely, Case C performs the worst in this regard. Notably, transitioning from Case C to Case B results in a 2.44% improvement in CO(2 )mitigation. Furthermore, Case B also shows the shortest payback period, making it the most economically viable option, whereas Case C has the longest payback period. The significance of this research lies in its innovative approach to enhancing the sustainability of PVT. The use of MWCNT nanoparticles in the cooling mediums improves thermal management, leading to higher efficiency and greater power output.