The nation's economic development is reliant on energy consumption. Environmental concerns and the depletion of fossil fuel supplies have made the use of renewable energy sources inevitable. The utilization of solar energy for generation of electricity is one of the best options. The solar cells are used to convert solar energy to electrical energy. The electrical yield from the photovoltaic (PV) panel deteriorates with increase in cell temperature. Evaporative cooling is one of the promising methods to control the temperature of the panel. This paper showcases the findings of the experimental study on 40 W polycrystalline PV panel cooled using the water wetted cotton wicks in conjunction with the fins provided on the rear side of the panel. The temperature of the cooled panel is found to reduce by 26.04% with corresponding increase in output power and electrical efficiency to be 20.4% and 20.07%, respectively, on the two days of test when compared to the non-cooled panel. The maximum temperature reduction is observed to be 20 ℃ and 19.5 ℃ on two days, respectively.