Recent advances in solar panel efficiency and economic analysis using passive and active cooling methods

The performance and endurance of photovoltaic panels are primarily dependent upon functional temperature, creating active thermal management vital for enhancing solar energy conversion. This review indicates a complete study of novel passive, active, and hybrid cooling technologies based on significant peer-reviewed articles published in recent years. Several cooling methods, comprising passive air cooling, evaporative cooling, immersion cooling, phase change materials, water cooling, spray cooling, nanofluids, photovoltaic–thermal systems, and hybrid cooling methods, are significantly associated in terms of thermal, electrical, and techno-economic performance. The reviewed articles reveal that active cooling can decrease photovoltaic operating temperature by up to 40 °C, enhance electrical efficiency by around 5–25%, rise power output up to 35%, and diminish the payback period by improved yield and durability. Among the existing methods, hybrid cooling approaches constantly deliver the peak efficiency by joining effective heat removal with effective energy recovery. Furthermore, techno-economic indicators, including levelized cost of energy, cost of energy, operating cost, and environmental benefits, are systematically evaluated to determine the practical applicability of each cooling technique. Finally, future research opportunities involving intelligent adaptive cooling, advanced materials, climate-specific optimization, and integrated techno-economic assessment are identified to support the development of highly efficient and sustainable photovoltaic systems.