Nanoparticles have been thoroughly investigated in the last few decades because they have many beneficial and functional qualities. Their capability to enhance and manipulate light absorption, thermal conductivity, and heat transfer efficiency has attracted significant research attention. This systematic and comprehensive work is a critical review of research on the photothermal energy conversion performance of various nanofluids as well as the recent advances in several engineering applications. Different nanofluids used in the photothermal energy conversion process were compared to identify the suitable applications of each nanofluid in thermal systems. An analysis of the previous investigations based on experimental and numerical studies has established that nanomaterials have the potential to increase the efficiency of solar thermal systems.

In this study, the efficiencies of flat-plate and U-tube solar collectors were investigated experimentally when an Al₂O₃ nanofluid was used as a working fluid and compared to those of solar collectors using water. The energy savings and CO₂ and SO₂ generated were calculated and compared to those of solar collectors using water. In addition, based on the experimental results, an economic analysis of the use of solar collectors in various countries was performed. As the concentration of the Al₂O₃ nanofluid increased, the performance of the solar collector improved. The highest efficiency for the solar collectors was shown at the concentration of 1.0 vol % with the nanoparticle size of 20 nm. The maximum efficiencies of the flat-plate and U-tube solar collectors using a 1.0 vol %-Al₂O₃ nanofluid with 20-nm nanoparticles was 74.9% and 72.4%, respectively, when the heat loss parameter was zero. The efficiencies of the flat-plate and U-tube solar collectors using Al₂O₃ nanofluid were 14.8% and 10.7% higher, respectively, than those using water. When 50 EA (each) flat-plate solar collectors were operated for one year using an Al₂O₃ nanofluid, the coal use, generated CO₂, and generated SO₂ were 189.99 kg, 556.69 kg, and 2.03 kg less than those of solar collectors using water, respectively. In addition, the largest electricity cost reduction was in Germany.