This paper presents an improved nonlinear five-point model capable of analytically describing the electrical behaviors of a photovoltaic module for each generic operating condition of temperature and solar irradiance. The models used to replicate the electrical behaviors of operating PV modules are usually based on some simplified assumptions which provide convenient mathematical model which can be used in conventional simulation tools. Unfortunately, these assumptions cause some inaccuracies, and hence unrealistic economic returns are predicted. As an alternative, we used the advantages of a nonlinear analytical five-point model to take into account the nonideal diode effects and nonlinear effects generally ignored, which PV modules operation depends on. To verify the capability of our method to fit PV panel characteristics, the procedure was tested on three different panels. Results were compared with the data issued by manufacturers and with the results obtained using the five-parameter model proposed by other authors.