Photovoltaic (PV) systems are subject to nearby lightning strikes that can contribute to extremely high induced overvoltage transients. Recently, the authors introduced a 3D semi-analytical method to study the electromagnetic transients caused by these strikes in a PV module. In the present paper we develop an improved model of the PV module that: (a) takes into account high-frequency effects by modelling capacitive and inductive couplings; (b) considers the electrical insulation characteristics of the module; (c) includes the connection to a DC/DC converter. The whole process involves three major steps, i.e., the magnetic-field computation, the evaluation of both common-mode- and differential-mode-induced voltages across the PV module, and the use of the calculated voltages as input to a lumped equivalent circuit of the PV module connected to the DC/DC converter. In such a framework, the influence of the PV operating condition on the resulting electrical stresses is assessed; moreover, the relevance or insignificance of some parameters, such as the module insulation or the frame material, is demonstrated. Finally, results show that the induced overvoltage are highly dependent both on the grounding of the conducting parts and on the external conditions such as lightning current waveforms and lightning channel (LC) geometry.