The solar PV technology has become a significant alternative for conventional fossil fuel resources. The recent researches are focusing on techniques to increase the efficiency of the solar photovoltaic (PV) systems to address the growing needs of the global electricity demand. Maintaining the PV panel temperature according to the specified standard helps in harnessing the optimal power output consistently. Although there are various PV panel cooling techniques available in the existing literature, there is always a huge expectation among the energy sectors in terms of rising the efficiency value, as well as lowering the cost of investment. In this aspect, the proposed method provides the best solution by improving the efficiency of the solar photovoltaic panel by regulating the temperature using a material called as the Phase Change Material which is entrenched with an external finned heat sink to improve the thermal conductivity of the material PCM. In this work, the concept is investigated by an experimental setup under direct sun rays in the natural environmental conditions for four different cases (Case A, Case B, Case C, and Case D). The concept of temperature regulation is recorded through FLIR thermal imaging camera and the observations are presented. After thorough experimental investigations of all the four cases, it is found that PCM entrenched with heatsink (Case D) can certainly be an efficient approach to drop the operating temperature of the PV panel with lowest cost and enhance the efficiency of the PV panel to the maximum extent.