Solar PVT panels are getting popular for wider spectrum of applications for concurrent heat and power generation (CHP). These panels can provide the heating demand of buildings while generating electricity which becomes ideal for building applications of urban energy systems. Energy flow analysis of such panels and performance analysis of such systems becomes essential to design PVT systems matching with the operating conditions. A number of studies have used both theoretical and experimental methods to optimize PVT. However, this task is challenging due to interrelation of CHP production based on two different phenomena where classical optimization methods cannot be applied directly. Hence basic performance analysis considering primary design parameters plays a major role. In this study, a computational model is developed to evaluate sensitivity of design, operating and climatic parameters for a hybrid PVT system and to analyze the performances of PVT for five different design configurations. Five main configurations of the PVT system are considered based on the heat transfer fluid and the arrangements of glass and tedlar layers of PVT collector. This study presents comprehensive performance analysis conducted to evaluate the sensitivity of mass flow rate and working fluid temperature for the five different design configurations of PVT panels. Results show that glass-tedlar water collector performs better when compared to other configurations. Subsequently, the sensitivity of wind speed and solar irradiation is evaluated. The behavior of thermal and electrical efficiencies is analyzed at different wind speed and solar irradiation levels for a range of mass flow rates and working fluid temperatures. Important conclusions on the performance of PVT panels are given based on this detailed analysis.