Photovoltaic/thermal (PV/T) solar systems, which produce both electrical and thermal energy simultaneously, represent a method to achieve very high conversion rates of sunlight into useful energy. In recent years, nanofluids have been proposed as efficient coolants and optical filter for PV/T systems. Aim of this paper is to theoretically analyze the life cycle exergy of three different configurations of nanofluids-based PV/T hybrid systems, and compare their performance to a standard PV and PV/T system. Electrical and thermal performance of the analyzed solar collectors was investigated numerically. The life cycle exergy analysis revealed that the nanofluids-based PV/T system showed the best performance compared to a standard PV and PV/T systems. At the optimum value of solar concentration C, nanofluid-based PV/T configuration with optimized optical and thermal properties produces similar to 1.3 MW h/m(2) of high-grade exergy annually with the lowest exergy payback time of 2 years, whereas these are similar to 0.36, similar to 0.79 MW h/m(2) and 3.48, 2.55 years for standard PV and PV/T systems, respectively. In addition, the nanofluids-based PV/T system can prevent the emissions of about 448 kg CO2 eq m(-2) yr(-1). Overall, it was found that the nanofluids-based PV/T with optimized optical and thermal properties has potential for further development in a high-concentration solar system. (C) 2016 Elsevier Ltd. All rights reserved.