Purpose of this paper is to evaluate phosphoric acid fuel cell (PAFC) ther moelectric generator hybrid system with economic and thermoeconomic point of view. Firstly, basic equations of PAFC thermoelectric generator and hybrid system are described. Secondly, basic performance parameters like power output, energy efficiency, exer gy efficiency and exergy destruction rate s are investigated. Finally, cost equations are set up to determine economic results of the considered system, in addition to that, these system are considered by using EXCEM analysis. According to results, the maxi mum total cost of the hybrid system is obtained j= 10900 am 2 , exergy loss ratio to capital cost (ec) of the hybrid system increases dramatically after the point where is j= 11000 am 2 Maximum power density, maximum energy efficiency and of the hybrid sy stem are 8735.340 wm 2 , 81.35% and 86.6% respectively.