Promising solar-based combined heating and power (CHP) systems are attracting increasing attention thanks to the favourable characteristics and flexible operation. For the first time, this study explores the potential of integrating a novel spectral-beam-splitting (SBS), hybrid photovoltaic-thermal (PVT) collector and organic Rankine cycle (ORC) technologies to maximise solar energy utilisation for electricity generation, while also providing hot water/space heating to buildings. In the proposed collector design, a parabolic trough concentrator (PTC) directs light to a SBS filter. The filter reflects long wavelengths to an evacuated tube absorber (ETA), which is thermally decoupled from the cells in the PVT tube, subsequently enabling a high-temperature fluid stream to be provided by the ETA to an ORC sub-system for secondary power generation. The SBS filter’s optical properties are a key determinant of the system’s performance, with maximum electricity generation attained when the filter transmits wavelengths between 485 and 860 nm onto the PVT tube, while the light outside this range is reflected onto the ETA. The effect of key design parameters and system capacity on techno-economic performance is investigated, considering Spain (Sevilla), the UK (London) and Oman (Muscat) as locations to capture climate and economic impacts. When operated for maximum electricity generation, the combined system achieves a ratio of heat to power of ∼1.3, which is comparable to conventional CHP systems. Of the total incident solar energy, 24% and 31% is respectively converted to useful electricity and heat, with 54% of the electricity being generated by the PV cells. In Spain, the UK and Oman, respective electricity generation of 1.8, 0.9 and 2.1 kWhel/day per m2 of PTC area is achieved. Energy prices are found to be pivotal for ensuring viable payback times, with attractive payback times as low as 4–5 years obtained in the case of Spain at system capacities over 2.7 kWel. Integrating the ORC sub-system with the concentrating SBS-PVT collector design reduced the levelised cost of electricity (LCOEel). A LCOEel of 0.10 £/kWh is attained in Spain at an electrical capacity of only 4 kWel, demonstrating the significant potential of exploiting the proposed systems in practical applications, as highly competitive with established combustion-based CHP systems.