In this research, a new bio-based phase change material (PCM) composed of oleic acid and beeswax is synthesized
to absorb excess heat from the PV panel. Metal matrix sheets (MMS) inserted inside the PCM container to
augment heat diffusion and improve the thermal and electrical efficiency of the PV panel. The influence of
number of MMS (N = 1,2,3,4 and 5) and weight of the PCM (W = 1.6-4 kg) on the temperature, output power and
electrical efficiency of the PV panel are analyzed. The results represent that using the bio-based PCM reduces the
PV panel temperature from 58.92 ◦C to 51.45◦C, when MMS is not applied. It has been observed that using MMS
provide lower PV temperature than using PCM alone and improve the electrical efficiency (η). Further, it is
identified that N = 5 has the highest electrical efficiency, but the difference between N = 4 and N = 5 is not very
remarkable. Increase in the weight of the bio-based PCM from 1.6 kg to 4 kg results in a significant improvement
in the PV performance. The values of N = 5 and W = 4 kg are found to achieve a maximum electrical efficiency of
11.73% and output power of 7.04 W in the PV/bio-based PCM system.