This paper presents a feasibility investigation of integrating an air-based photovoltaic/thermal (PV/T) system with a thermal wheel (TW) system for residential applications. The innovative system is capable of pre-heating/pre-cooling the ambient fresh air in winter/summer as well as producing electricity. The performance of the system is numerically evaluated and compared with the conventional building integrated PV/T (BIPV/T) and TW systems. Then, a multi-objective optimization approach is utilized to find the optimum values of geometric and operating parameters in order to maximize the annual average effectiveness of the TW and the first-law efficiency of the BIPV/T collector. The performances of the optimized and un-optimized BIPV/T-TW systems are compared for a complete year. The results demonstrated that the BIPV/T-TW system has a better thermal performance compared with the BIPV/T and TW systems, while it has a slightly lower electrical performance compared with the BIPV/T system. Furthermore, it was found that the annual average first-law efficiency and TW effectiveness of the optimized BIPV/T-TW system is 118.3% and 59.7% higher than that of the un-optimized system.