Photovoltaic (PV) panels must be equipped with a cooling system to increase their electrical output generation. Despite numerous publications on the fabrication of form-stable phase change material (FSPCM) for thermal energy storage application, studies on the usage of FSPCM for PV cooling are incredibly limited. In this work, the cooling performance of myristic acid FSPCM encapsulated with cross-linked nitrile rubber (NBR) was investigated. A fin heat sink (FHS) was employed to hold the FSPCM. The thermal performance of the FHS embedded with FSPCM (FHS-FSPCM) was preliminarily tested in an indoor setup. Results show that the FHS-FSPCM has a lower temperature distribution curve than the bare FHS, highlighting the increase in cooling capability of fabricated FSPCM. Field-testing of PV panels integrated with an FHS-FSPCM displayed that FSPCM manages to reduce the operating temperature of the panel by 4 to 15 °C and increase power output generation by 38.61%.