The hybrid technology of concentrated photovoltaic-thermal has vast potential in increasing the total energy harnessed from a finite area. However, the technology is today impaired by the high capital cost. With the aim of reducing the collectors´ cost, a new receiver concept for collector with bifacial photovoltaic cell is envisioned and the proof of concept is investigated through simulations in this study.The new concept is first compared and then optimized with respect to the performance of an existing receiver that utilizes two monofacial photovoltaic cells. First a computational fluid design model of both the designs are developed in ANSYS FLUID. Then the model of the existing design is verified and validated with experimental data. In the next step, the model of new receiver is verified and validated against the previously validated model of the existing receiver design. Finally, the new receiver design is optimized by performing parametric study.The cost of the new receiver is found to be only 50 % of the previous receiver in a primary cost evaluation. The performance of the new receiver is expected to be lower than the existing design due to higher shading in the new design. The goal of the study has been to quantify the reduction in performance and compare it with the cost reduction achieved.The heat extracted by the heat transfer fluid in the new design is simulated to be 65 % of the heat extracted in the existing design receiver. Furthermore, when electrical power is included, the ratio of total power generated by the new receiver design with respect to the previous design is 70 %. In other words, by accepting a performance reduction of 30 % in total power, a cost reduction of 50 % is achievable for the receiver. The result of the study is very promising and qualifies the concept idea for further development and prototype building.