The present study investigates low-grade heat utilization in ejector refrigeration systems under hot climatic conditions. A variable area ejector is used to maximize the harvested heat from the generator of the solar system at peak times. Exergy, economic, and exergoeconomic analyses are conducted to evaluate the performance of the system. A thermodynamic model of the system has been developed using Ebsilon Professional software. Available experimental and theoretical data validate the results. The effects of properties of the working fluids, ejector geometry, and operation conditions are also evaluated. It was found that the coefficient of performance of the system reached 0.45 at a generator pressure of 3 bars. Furthermore, it was noticed that the overall exergy efficiency could be increased for a fixed generator temperature while increasing the ejector area ratio. A value of 21% exergetic efficiency was calculated for the system. The exergoeconomic analysis of the system demonstrated that heat exchangers are required to be improved thermodynamically at the expense of the capital investment cost.