This research empirically and theoretically assessed the performance of a solar photovoltaic (PV) panel in five different cooling configurations under the weather conditions of Sanandaj, Iran in September 2018. The findings indicated that, compared to the simple PV mode, the increased mean electrical efficiencies over the whole experiment were 0.27%, 0.5%, 0.72%, 0.6, and 0.88% for the PV/w-XP, PV/w-XD, PV/w-2XDP, PV/a,and PV/b-2XDP modes, respectively. Further, the highest electrical power for the PV/w-XP, PV/w-XD, PV/w-2XDP, PV/a, and PV/b-2XDP modes increased by 6.8, 12.17, 16.83, 13.17, and 18.92%, respectively compared to the simple PV mode. The monthly electrical output energy the PV/S, PV/w-XP, PV/w-XD, PV/w-2XDP, PV/a, and PV/b-2XDP modes were 28.24 kWh/A, 29.16 kWh/A, 30.34 kWh/A, 31.81 kWh/A, 31.15 kWh/A, and 32.9 kWh/A, respectively. Then, an economic analysis was carried out for the system with two adjustment coefficients. The results showed that although the payback period with an interest rate and an adjustment coefficient of 10% was 2.72 years longer in the PV/b-2XDP-TE than in the PV/S, the annual worth over 20 years was State USD 3.32 (SANA USD 1.07) higher in the PV/b-2XDP-TE mode than in the PV/S mode by considering merely the electrical section. Hence, considering the outlet hot water and air, PV/b-2XDP-TE is more economical to use. (C) 2020 Elsevier Ltd. All rights reserved.