Abstract The project is focused on modelling and analyzing modern photovoltaics. Two types of PV are presented and analyzed: the water cooled PV and the air cooled PV. The former uses water in order to cool the panel while the latter uses air as the coolant. Naturally ventilated panels and water cooled panels can provide higher efficiencies than conventional ones. The aim of the project is to analyze model both systems and compare them in order to reveal the most promising. Furthermore, by altering various physical parameters of the heat exchanger in the water PV system, the maximum efficiency is aimed. This information can be used in maximizing the efficiency of any collector design. Various important characteristics that a conventional PV can provide, such as the power, are calculated and compared to those of a water cooled PV. Finally another aim of the project is to investigate whether a PV is able to provide energy to a typical house and what is the autonomy of it. In order to model the water cooled panel an excel spreadsheet was constructed. By using this spreadsheet all the important physical parameters from the heat exchanger as well as from the panel were altered and the results were analyzed. The impact every change had on the effectiveness as well as the normal operation of the system could then be recorded. By the use of the spreadsheet, the maximum efficiency of the panel can be achieved. This information could be very important in designing-constructing collectors. Another method used in the project was the direct comparison of both air cooled and water cooled systems in order to reveal advantages and disadvantages. A real life scenario was created and all the important characteristics of a PV panel were calculated in order to see if such a panel can provide sufficient energy to a house. Finally a quantification analysis was performed in order to see what is the maximum power a PV can provide and compare it with the one from the water cooled panel. The results of the project showed that the most efficient and promising system is the water cooled photovoltaic. Apart form higher efficiency it can provide extra heat which can be used in the house. Such a system proved to be feasible. Furthermore it was clearly shown that altering various parameters of the system has as a result different efficiencies-output. Finally the real life scenario of a PV installed in a Greek house demonstrated that the whole configuration is feasible and that the energy supplied is sufficient to meet the daily demand of a modern house.