Heat and electricity can be simultaneouslygenerated using a photovoltaic thermal solar collector (PVT). The solar radiation increases the temperature of PV modules, resulting in a drop of their electrical efficiency. By proper circulation of a fluid with low inlet temperature, heatis extracted from the PV modules keeping the electrical efficiency at satisfactory values. Hybrid PV/T systems can be applied mainly in buildings for the production of electricity, also heat application and are suitable for PV applications under high values of solar radiation and ambient temperature. In this study a review of the available literature on PV/T solar collectors and PV/T solar assisted heat pumps in order to enable an easier comparison of the findings obtained by various researchers, especially on parameters affecting coefficient of performance (COP) of the heat pumps has been conducted. This study has revealed that if a PV/T collector is directly coupled to a heat pump, better cooling effect can be achieved, when properly designed.