Thermal performance and techno-economic analysis of passive cooling for photovoltaic panel using Phase Change Material (PCM) in the tropics

• Application of Soy-Wax and Paraffin PCM reduced PV panel temperature by 10°C during peak hours. • Voltage stability improved by 8%, enhancing overall panel performance and longevity. • The PCM-cooled panel's Levelized Cost of Electricity (LCOE) was 0.068 USD/kWh, compared to 0.076 USD/kWh for the reference panel. • The cooling solution demonstrates economic feasibility, promoting sustainable energy practices in the Indonesian PV market. In the context of energy transition, the performance of photovoltaic (PV) modules is greatly affected by high operating temperatures, especially in tropical regions. This study aims to improve the performance of PV panels through passive cooling using soy wax and paraffin-based phase change materials (PCMs). PCMs are placed on the back of the PV panel to absorb latent heat during peak hours. Experimental results show that the use of PCMs can reduce the panel temperature by up to 10°C and increase voltage stability by 8%, which has an impact on increasing the output power and panel lifetime. Cost analysis shows that the Levelized Cost of Electricity (LCOE) for PCM-cooled panels is 0.068 $/kWh, lower than uncooled panels (0.076 $/kWh). This study not only proves the technical effectiveness of the PCM-based cooling method, but also its economic feasibility, especially for application in PV systems in tropical climates such as Indonesia.