In this paper, a novel methodology of PV modeling is proposed to represent the instantaneous electrical characteristics of PV modules covered with snow. The attenuation of the transmitted solar radiation penetrating a layer of snow is rigorously estimated based on the Giddings and LaChapelle theory. This theory introduced the level of radiation that reaches the surface of PV module through snowpack, significantly affected by the snow properties and thickness. The proposed modeling approach is based on the single-diode-five-parameter equivalent circuit model. The parameters of the model are updated through instantaneous measurements of voltage and current that are optimized by the particle swarm optimization algorithm. The proposed approach for modeling snow-covered PV modules was successfully validated in outdoor tests using three different types of PV module technologies typically used in North America's PV farms under different cold weather conditions. In addition, the validity of the proposed model was investigated using real data obtained from the SCADA system of a 12-MW grid-connected PV farm. The proposed model can help improving PV performance under snow conditions and can be considered a powerful tool for the design and selection of PV modules subjected to snow accretion.