This paper studies how the correlation with the Nusselt number affects the final result of the efficiency, ε, and exergy efficiency, ηex, of a chevron-type gasketed plate heat exchanger, which is installed in a typical small solar installation dedicated to single-family housing; the solar fluid is a TiO2:SiO2/EG:DI hybrid nanofluid with concentrations from 0% to 1.5% vol. The experimental model assumes constant flow of the solar fluid and varies on the domestic hot water side—from 3 lpm to 6 lpm. The inlet temperatures are 30 °C and 60 °C on the cold and hot sides of the heat exchanger, respectively. Of the six analysed correlations that showed similar trends, it is concluded that for the assumed flow conditions, geometry, and chevron angle of the plate heat exchanger, one model is the most accurate. The largest difference between the ηex values for a given concentration is 3.4%, so the exergy efficiency is not affected by the chosen Nusselt model by very much. However, the choice of correlation with the Nusselt number significantly affects the efficiency, ε; the difference between the values obtained within a given concentration is more than 40% and depends on the Reynolds number and flow. Most research discusses the scenario with the nanofluid as a coolant. This paper considers the opposite situation in which the solar fluid is a hotter working medium that transfers heat to domestic hot water installation.