Hybrid solar heating systems that combine solar thermal (ST) collectors with photovoltaic systems (ST-PV) have shown potential to improve the feasibility of integrating renewable heat in the industrial sector. However, the application scenarios where ST-PV systems achieve better performance relative to individual alternatives and other hybrid configurations have not been determined. This study evaluates the technoeconomic performance of ST-PV systems considering the effect of radiation levels, process temperature, and technological proportion of the hybrid field. A sizing methodology for the ST-PV configuration was developed, and a parametric analysis was carried out to identify which implementation scenarios allow better system performance in terms of solar fraction (SF) and levelized cost of heat (LCOH). The results showed that the greatest potential of the ST-PV system is obtained for SFs above 0.3, low and medium process temperatures, and medium and high radiation levels, achieving reductions in the LCOH up to 54% compared to the individual alternatives and showing better economic potential than hybrid systems with two ST collector technologies. The methodology and results of this study provide an important tool for project developers and researchers to determine the implementation conditions where ST-PV systems could improve the viability of industrial solar heating.