The core concept of this study is to evaluate the energy potential and economic viability of concentrated photovoltaic thermal (CPVT) systems as a substitute for electricity, kerosene, and diesel for greenhouse heating. The performance of the CPVT system is tested and predicted by considering two cases (with and without a glass reinforced plastic enclosure). The transient behavior of the developed models was estimated using ordinary differential equation (ODE) solvers in MATLAB software. Furthermore, from the model validation point of view, the simulation results were compared with experimental data. The results revealed a satisfactory agreement between measured and calculated results. The CPVT with an enclosure was demonstrated to be more efficient than without an enclosure in terms of higher global efficiency and lower heat loss. By installing a CPVT system instead of buying electricity, kerosene and diesel for greenhouse heating, the life cycle savings (LCS) were 7344$, 8658$ and 11,405$, respectively, and the relevant discounted payback periods (DPP) were 21 years, 16 years and 11 years, respectively. The developed dynamic model is suitable for the optimization and performance prediction of CPVT systems. (C) 2016 Elsevier Ltd. All rights reserved.