In this paper, life cycle cost analysis of a self sustained hybrid photovoltaic/thermal (PV/T) greenhouse dryer has been carried out. The hybrid PV/T integrated greenhouse (roof type even span) dryer, designed and constructed at Solar Energy Park, Indian Institute of Technology, New Delhi (28035´N, 77012´E, 216 m above MSL), India, has been used to dry Thompson seedless grapes under forced mode of operation. The annualized cost method has been used to determine the pay back period of the hybrid PV/T greenhouse dryer. The payback period is about 1.24 to 4.63 years which is lower than the expected life of the dryer i.e. about 30 years. The effect of various parameters such as interest rate, present worth, annual cash flow etc. has also been worked out.