In this manuscript, performance of a novel concentrated solar thermal collector with evacuated tube is studied. The focus is the optimization of cost and performance in respect to commercially available medium temperature collectors (100–300 °C) using thermal and economic index of heat generation system also known as Levelized Cost of Heat. In this project, Levelized Cost of Heat is optimized with material cost reduction while maintaining high thermal performance using economical aluminum fin (instead of copper), a glass cover and highly truncated aluminum reflector. The reflector is truncated using the nonimaging optics methods in order to maximize the optical efficiency while minimizing the material consumption. Also, in order to predict the thermal performance of the proposed collector, analytical and numerical simulation are studied. Finally, the collector is experimentally tested in three stages to measure maximum temperature, maximum efficiency and thermal efficiency at various temperature of heat transfer fluid. The mathematical, numerical and experimental results were found to have good agreement. The results indicate that the collector can operate with optical efficiency of 60%, maximum temperature of 350 °C, thermal efficiency of 51% and 42% at 100 °C and 200 °C respectively while the cost of energy is as low as 2.9 cents/kWh.