The aim of this research is to evaluate the effectiveness of a combined system, consisting of a photovoltaic/thermal system and a thermal wheel, in supplying hot air, cold air, electricity, and hot water for a building. To enhance the performance of the photovoltaic/thermal system, a spectral splitter containing a nanofluid and a nano-enhanced phase change material is implemented. During the cold months, cold outside air is first heated by passing it through the thermal wheel and then through the photovoltaic/thermal system. In the hot months, cooling of the outside hot air is achieved by transferring heat to the air exiting the building. Throughout the year, the electricity generated by the photovoltaic system is used to power the building, while the heated nanofluid in the splitter provides hot water through a heat exchanger. The study examines the impact of the length of photovoltaic/thermal system, thickness of nanofluid, phase change material, and air layers, the mass flow rate of nanofluid and air flow, the concentration ratio, and the diameter and length of thermal wheel on the annual average functionality of the system form energy and exergy viewpoints.