The behavior of solar cells and modules under various operational conditions can be determined effectively when their intrinsic parameters are accurately estimated and used to simulate the current-voltage (I-V) characteristics. This work proposed a new computational approach based on approximation and correction technique (ACT) for simple and efficient extraction of solar cells and modules parameters from the single-diode model. In this technique, an approximated value of series resistance (Rs) was first derived and used to determine the initial value of parallel resistance (Rp). Later, the final corrected values of Rs and Rp were obtained by resubstituting their approximated values in a five-loop iteration using the manipulated equations. For rapid evaluation and validation of the proposed technique, a software application was also created using MATLAB program. The correctness and robustness of the proposed technique was validated on five types of solar cells and modules operated at varied temperatures and irradiances. The lowest RMSE value was achieved for RTC France (7.78937E-4) and PVM 752 GaAs (2.10497E-4) solar cell. The legitimacy of ACT extracted parameters was established using a simple yet competitive implementation approach wherein the performance of the developed technique was compared with several state-of-the-art methods recently reported in the literature.