In this paper an attempt has been made to analyze the performance of semi transparent hybrid PVT double pass air collector. Based on the first law of thermodynamics, energy balance equations are formulated to derive the analytical expression for air temperature at the outlet, as a function of the design and climatic parameters for investigating the performance of semi transparent hybrid PVT air collector. The analysis is based on quasi-steady state condition. This paper shows the detailed analysis of energy and exergy of a semi transparent hybrid PVT double pass air collector and its comparison with single pass air collector for four weather conditions (a, b, c and d type) for five different cities (New Delhi, Bangalore, Mumbai, Srinagar, and Jodhpur) of India. It has been analyzed that if such systems are installed only at 10% of the total residential houses in Delhi, then the total carbon credits earned by the system is found to be Rs. 1767 millions in terms of thermal energy and Rs. 493 millions in terms of exergy for double pass air collector whereas Rs. 1528 millions in terms of thermal energy and Rs. 446 millions in terms of exergy for single pass air collector. The results clearly shows that hybrid PVT double pass air collector have better performance as compared to single pass air collector. © Allerton Press, Inc., 2011.