A photovoltaic system integrated with linear Fresnel reflectors constitutes a very attractive energy generation system when combined with a cooling thermal system. In this study, a photovoltaic system using high efficiency and extremely durable monocrystalline solar cells is theoretically discussed. Although cheap but relatively less effective solar cells have been proposed, it has been shown that a very good cost-effective photovoltaic system can be produced by concentrating sunlight with a linear Fresnel reflector system and obtaining additional heat energy by cooling the photovoltaic panel. The electrical and thermal performance of the proposed system is theoretically analyzed under relatively low solar radiation conditions. Under the given climatic conditions and the average instantaneous solar radiation of 559 W/m2 at the location, it is concluded that when a cooling mechanism is implemented, an average of 228.8 kWh of electricity and 1229.8 kWh of thermal energy can be obtained per month from the system.