In this research work, novel hybrid graphene-silver (Gr-Ag) nanomaterial has been used for first time with paraffin wax as a phase change material (PCM) to improve its thermo-physical properties. Thermal and electrical energy efficiencies of the novel synthesized nanocomposite (PCM/graphene-silver) has been investigated in solar thermal collector systems (CPV/T). This paper focuses on preparation, characterization, thermo-physical properties and energy efficiency in concentrated photovoltaic/thermal (CPV/T) system of new class of nanocomposites induced with hybrid Gr-Ag nanomaterial in three different concentrations. The specific heat capacity (cp) of hybrid PCM/graphene-silver nanocomposite increased by introducing hybrid Gr-Ag nanomaterial. Electrical and thermal energy performance of the hybrid PCM/graphene-silver is investigated in a CPV/T system using MATLAB 2017b program. The improvement of cp is found to be ~ 40% with 0.3 mass% of hybrid Gr-Ag nanomaterial loaded in PCM. The highest thermal conductivity increment is found to be ~ 11% at 0.3 mass% concentration of hybrid Gr-Ag nanomaterial in PCM. The endothermic enthalpy value of the hybrid PCM/graphene-silver nanocomposite is found to be ~ 75.6 J g−1 at 0.1 mass% loading concentration of hybrid Gr-Ag nanomaterial. Melting point of hybrid PCM/graphene-silver nanocomposite with loading concentration of 0.3 mass% is measured to be 73.2 °C. The highest thermal efficiency using the hybrid graphene-silver nanoparticles reached the value of 39.62% which represents 4.16% increment in comparison with the pure PCM. The equivalent electrical efficiency is improved by 2.8% at the loading concentration of 0.3 mass% of the hybrid Gr-Ag nanomaterial. These new class of nanocomposites represented the capability of enhancement in the performance of the CPV/T system consisting of lower PV temperatures, higher temperature gains across the cooling fluid and higher electrical and thermal efficiencies.