The authors have developed thermal-photovoltaic (thermal-PV) hybrid exterior wallboards that produce both thermal energy and electricity through solar collection and the incorporation of photovoltaic (PV) cells, respectively. The clapboard-shaped hybrid wallboards permit modular assembly that can be more easily adapted for residential applications than previous PV systems. Solar heat is collected in the form of heated air circulating in the air gap between the hybrid wallboard and the thermal insulation of the exterior walls. This paper presents an evaluation of both the electrical power generating ability and the solar heat collection capacity during winter of six variations of the experimental thermal-PV hybrid wallboard. In addition, exergy analyses were conducted using a computer simulation program written to evaluate the thermal energy collection ability of the hybrid wallboards.