Solar energy possesses several advantages in comparison to different appearances of alternative energy, like enhanced predictability and simplified use. Furthermore, other from its use in heating and desalination, this energy source is also utilized in power plants. PV panels are commonly employed to generate electricity through direct means. Nevertheless, the utilization of a solar tower as a medium enables the conversion of collected solar thermal energy into indirect power generation. PV panels are considered highly suitable for the production of small-scale and off-grid power due to several performance parameters such as building material, solar irradiation, and operating temperature. As the ambient temperature increases, the efficiency of the panels decreases. Consequently, many approaches have been suggested to mitigate the elevated temperature of photovoltaic (PV) panels, with the objective of enhancing their operational efficiency. The two main alternatives are active and passive cooling systems. Water flow can be seen as an active heat transfer process, whereas heat pipes can be considered as a passive mechanism. In this paper, a front surface cooling technology has been implemented considering water as coolant. In order to ascertain the financial benefits associated with the utilization of the novel cooling systems for photovoltaic panels, a comprehensive cost analysis is conducted. The outcomes depict that the maximum electrical power output of the PV array increases when compared to the scenario when the panel is not cooled.