The current research seeks to maintain high photovoltaic (PV) efficiency and increased operating PV life by maintaining them at a lower temperature. Solid-liquid phase change materials (PCM) are integrated into PV panels to absorb excess heat by latent heat absorption mechanism and regulate PV temperature. Electrical and thermal energy efficiency analysis of PV-PCM systems is conducted to evaluate their effectiveness in two different climates. Finally costs incurred due to inclusion of PCM into PV system and the resulting benefits are discussed in this paper. The results show that such systems are financially viable in higher temperature and higher solar radiation environment.