The high operating temperatures of photovoltaic (PV) panels negatively affect both electrical efficiency and material degradation rate. Combining both a water-cooling-based photovoltaic/thermal (PV/T) system and a phase-change material (PCM) with/without low concentration (LC) represents a promising solution for boosting the overall energy conversion efficiency of the PV system. This approach needs to be evaluated in harsh weather where the PCM should have a high melting temperature. Therefore, this study experimentally investigates the performance of three PV cooling systems, namely PV-PCM, PV/T-PCM, and LCPV/T-PCM, compared to a reference PV without cooling, under the weather conditions of Riyadh. The results show that the PV/T-PCM attained the highest daily average electrical and overall efficiencies of 14.24% (5% increase) and 42.7%, respectively, compared to 13.56% electrical efficiency of the reference panel. The electrical efficiency of the PV-PCM was 13.64% due to inefficient natural cooling in the afternoon. The LCPV/T-PCM recorded the best performance during the two hours around noon, with an average increase in electrical power and efficiency of 11.06% and a maximum overall efficiency of 70%. Finally, the LCPV/T-PCM system can be only effectively used to support the higher demand for electricity and thermal energy around noon; otherwise, a new design configuration with low concentration is needed to establish a higher electrical efficiency in most hours of sunlight.