The present experimental investigation aims at improving the performance of solar photovoltaic (PV) panels using a combination of low-cost aluminum reflectors, aluminum sinks and phase change material (PCM) mixed with Zinc oxide (ZnO) nanoparticle. Three PV panels (i.e., referenced, PV/PCM, and PV/reflector/PCM/nanoparticles) were used for the experimental studies to assess their electrical, exergy studies, entropy generation, economics, and energy payback time performance. According to the results, the PV/reflector/PCM/nanoparticles system led to a temperature reduction of 28.3% compared to the referenced module, whiles the PV/PCM cooling method led to a reduction of 16.5%. On the average, the maximum power output for the PV/PCM and reflector/PCM/nanoparticles increased by 12.18% and 18.16%, respectively, compared to the uncooled PV panel. It was also found that the levelized cost of energy (LCE) for the reflector/PV/PCM/nanoparticles system was lower in both scenarios compared to that of the PV/PCM and referenced PV panels. The variation between the energy payback time (EPBT) for the reflector/PV/PCM/nanoparticles and reference PV panel was insignificant. Finally, based on the environmental analysis, it can be concluded that the reflector/PV/PCM/nanoparticles system can achieve higher CO2 avoidance rates (18.75%) than that of the PV/PCM system (10%), compared to the simple PV panel system. © 2022 Elsevier Ltd.