Photovoltaic (PV) panel temperature plays a vital role in the performance of PV panels. When PV temperature increases, the electrical power and efficiency decrease. In the present study, a simple simulated model is derived and implemented for a 70-W finned PV panel and the results are compared with those for a reference (unfinned) PV panel. The effect of various parameters including fin diameter, fin height, ambient temperature, fin coverage-to-area ratio, and solar irradiance level on PV performance are examined. It is concluded that more electrical power is generated under moving air than under still air conditions as solar irradiance increases. The optimum values for fin diameter, fin height, and fin coverage-to-area ratio are 0.005 m, 0.25 m, and 50%, respectively. The maximum simulated power difference between the finned and unfinned PV panels is 5 W under realistic weather conditions. The amount of power generated during the summer season would be about 3.32 kW•h greater than that by the reference PV panel over the same period. The root square percent deviation values between the results of the proposed model and previously published experimental data for panel temperature, electrical power, and electrical efficiency are 3.36%, 5.26%, and 5.48%, respectively.