In the recent years, researches are focused on improving the efficiency of photovoltaic (PV) panels by cooling panel surface utilizing different methods. In this work, paraffin wax-filled aluminum beverage cans have been utilized to improve the performance of photovoltaic panels. The main aims of this study are reutilizing waste materials in solar systems and increasing the performance of a PV panel by employing an unconventional approach. Modified and unmodified PV panels have been experimentally investigated simultaneously to observe and compare their performances. Experimentally attained outcomes showed that electrical efficiency was upgraded from 10.69% to 12.60%. Moreover, normalized power output efficiency was found as 61.72% and 71.56%, respectively, for unmodified and modified PV systems. In addition to the electrical performance investigation, an exergy analysis has been performed and mean exergy efficiency values for conventional and modified PV panels were found as 2.26% and 5.73%, respectively. General outcomes of this study showed successful utilization of paraffin wax-filled aluminum cans as a thermal management and efficiency improvement technique in photovoltaic systems.