The aim of this study is to determine an optimization cooling technology for improving the performance of PV module with reflector under Egyptian conditions. For best cooling technology can be used to enhance the performance of the PV module with reflectors, a three different cooling techniques were experimentally studied as follows: use air forced cooling technology in the presence of reflectors (case-I), use water cooling technology in the presence of reflectors (case-II), and use forced-air and water cooling technologies together in the presence of reflectors (case-III). The results of the case-I, case-II, and case-III was compared to the conventional PV module to get the best cooling technique that case be used to improve the performance of the PV module with reflectors. Also, the economic analysis was studied. The results show that use water cooling technology in the presence of reflectors represents a best technology that can be used for the PV modules. The net output electricity reaches to 912, 1077, and 1010 Wh/day for case-I, II, and III, respectively. But the output electricity from the conventional PV module recorded 832 Wh/day. The gain in the net output electricity for using the reflectors and the cooling technique was recorded 80, 245, and 178 Wh/day for case-I, II, and III, respectively compared to traditional case. Furthermore, the estimated costs of kWh reached approximately 0.062, 0.072, 0.061, and 0.0722 $/kWh for the conventional case, case-I, II, and III, respectively. Finally, we recommend using water cooling technology in the presence of reflectors to improve the performance of the PV module under Egyptian conditions.