Photovoltaic panels play a pivotal role in the renewable energy sector, serving as a crucial component for generating environmentally friendly electricity from sunlight. However, a persistent challenge lies in the adverse effects of rising temperatures resulting from prolonged exposure to solar radiation. Consequently, this elevated temperature hinders the efficiency of photovoltaic panels and reduces power production, primarily due to changes in semiconductor properties within the solar cells. Given the depletion of limited fossil fuel resources and the urgent need to reduce carbon gas emissions, scientists and researchers are actively exploring innovative strategies to enhance photovoltaic panel efficiency through advanced cooling methods. This paper conducts a comprehensive review of various cooling technologies employed to enhance the performance of PV panels, encompassing water-based, air-based, and phase-change materials, alongside novel cooling approaches. This study collects and assesses data from recent studies on cooling the PV panel, considering both environmental and economic factors, illustrating the importance of cooling methods on photovoltaic panel efficiency. Among the investigated cooling methods, the thermoelectric cooling method emerges as a promising solution, demonstrating noteworthy improvements in energy efficiency and a positive environmental footprint while maintaining economic viability. As future work, studies should be made at the level of different periods of time throughout the years and for longer periods. This research contributes to the ongoing effort to identify effective cooling strategies, ultimately advancing electricity generation from photovoltaic panels and promoting the adoption of sustainable energy systems.