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.
