•A new CPV optical system with truncated ball lens as secondary optical element is proposed.•The cost of receiver assembly is 2% lower than that with ball lens as secondary optical element.•Power generation efficiency of 30.1% and acceptance angle of 0.73° can be obtained. The Concentrated Photovoltaic (CPV) technology based on the use of high-efficiency multi-junction solar cells has higher power generation efficiency than other photovoltaic power generating technology. However, the cost and reliability of CPV technology are the primary reasons that restrict its progress. A truncated ball lens as a secondary optical element for CPV optical system is proposed in this paper to reduce the cost and improve the reliability. Theoretical analysis and experimental investigations were conducted on a concentrator with geometrical concentration ratio of 625×, a flat Fresnel lens as primary optical element and a truncated ball lens as secondary optical element. Test results show that the concentrator with power generation efficiency of 30.1% and acceptance angle of 0.73° can be obtained. Additionally, temperature effects of SOG lens on power generation are also studied.