Hi,
If you rate thermal and PV collectors on the same basis, it comes out something like this:
PV modules are now about $2 per peak watt.
You get this number by dividing the price of the PV module by the power the panel produces under STC conditions. STC conditions are full sun (1000 watts/sm) with the panel at 20C (which is on the optimistic side).
So, basically this is the power the PV panel might produce at solar noon on a cold day (to keep the panel temp down).
If you were to rate a solar thermal panel in the same way:
A 4 by 10 ft panel is 40/10.76 = 3.72 sq meters, and runs (typically) at about 58% efficiency, and costs about $900.
So, in STC 1000 watts/sm sun, it produces (3.72 sm)(0.58 efic)(1000 watts/sm) = 2157 watts -- this is about 4 times more than a PV module of the same size because the PV module is only about 12% efficient.
Just to ground this in reality, the above number is what a Heliodyne Gobi 4 by 10 collector produces at solar noon on a full sun (1000 watt/sm) day with 50F ambient air and 110F water going through the collector.
The cost per peak watt is then: ($900)/(2157 watts) = 0.42$/peak watt.
So, bottom line:
PV module: $2 per peak watt
Solar thermal: $0.42 per peak watt
So, for producing heat, the commercial solar thermal panel is still about 5 times more cost efficient than the PV module.
You can bring this closer by running the PV output through a heat pump, but then you have to also add in the cost of the heat pump.
Unless you have a very good heat pump (read expensive), the thermal panel will still have better efficiency than the PV + heat pump.
If you make your own solar collector (air or water heating), the comparison gets a lot more lopsided because a quality home built panel is about 5 times less expensive than a commercial solar thermal panel (sometimes more than 5 times).
This is not the easiest comparison to make accurately, because of factors like the STC rating being optimistic, and the PV panel getting less efficient in hot weather while the thermal panel does the opposite (and viceversa), but the difference is so large that its worth making the comparison any way. This comparison also does not include the other parts of either system.
This is a nice (I think) all around house that uses the PV for everything but hot water (which is solar thermal):
http://www.builditsolar.com/Projects/SolarHomes/MAZeroEnergy/MAZeroEnergy.htm#Plans
Quiz
-- what is the bottom line reason this example home is able to satisfy all of its energy needs with solar on somewhat less than half the roof?
Gary