As the demand for sustainable energy technologies grows, solar photovoltaics (PV) and heat pumps are increasingly being used in buildings. Hybrid PV-thermal (PVT) collectors have been researched for decades, but have not yet had success in the market. This study combines PVT and ground source heat pumps (GSHP) in a series connection for a multi-family house, and compares the technical and economic performance to GSHP and PV+GSHP systems. A complete systems model in TRNSYS is used for the solar heat pump system, and climate and economic boundary conditions come from the Swedish market. The results show that reducing the borehole length and/or spacing with no or a limited loss of efficiency is the greatest benefit of adding PVT, however a fully sized borehole field with PV is found to be the lowest cost design option. In systems with poor efficiency and high auxiliary boiler use, the addition of PVT can be the lowest cost option but is not preferable to the PV+GSHP when space is not a limitation. The reduction in borehole field area for a given heat pump efficiency is notable since many multi-family homes cannot install GSHP due to a lack of drilling space. PVT+GSHP systems could offer a new, low-carbon heating alternative for buildings previously outside of the heat pump market.