Photovoltaic cells convert absorbed solar energy into electricity by transforming the incident visible wavelengths of solar radiation on their surface, while the other wavelengths are transformed into thermal energy. However, the main issue they face is the elevated temperature of PV modules during operation, which reduces their energy production efficiency. Thermal control of photovoltaic panels using phase change materials (PCMs) has been a potential solution to overcome this problem and perform as a passive cooling material. In this study, the effectiveness of using a novel bio-based eutectic PCM in thermal regulation and efficiency enhancement of the PV panel was studied experimentally. The prepared PCM was characterized and then integrated onto the backside of the PV module. An indoor experimental study was conducted to compare the performance of PV-PCM with a reference PV panel without PCM. The DSC results revealed that the prepared PCM has an appropriate phase change temperature and latent heat capacity for cooling a PV module. In addition, the incorporation of PCM on the backside of the PV panel (PV-PCM) resulted in a significant reduction in surface temperature by 11.46 °C (14.45 %) compared to the reference PV (PV-ref) panel without PCM. Notably, an increase of 7.23 % in the maximum output power is observed in the PV-PCM system.