Recently, a photovoltaic (PV) emulator is proposed which is based on a combination of a constant current source and a one-diode photovoltaic model. Its superior dynamic performance is compatible with that of a real PV system. Although it is power efficient at the maximum power point (MPP), it suffers from high power loss around and at the open-circuit voltage (OCV) operation condition. The PV emulator can be used for PV system analysis and testing, such as maximum power point tracking (MPPT). This paper presents a new switching circuit which is placed in parallel with the diode string to minimize the power loss. The switching circuit consists of a two-switch non-inverting buck-boost DC/DC converter. When the operating point of the PV emulator moves from the current source region to the voltage source region, the converter, which is more efficient, switches in to replace the diode string seamlessly to maintain the circuit operation of the emulator. Experimental results show that in the worst case scenario, i.e. OCV condition, the efficiency and temperature of the proposed solution reach 81.47% and 30.1 • C respectively, as compared with 2.8% and 94.2 • C respectively for the diode string only case. In terms of dynamic response, the proposed PV emulator lags the real PV panel by only 3.5ms as compared with 120ms by a commercial emulator under the 30% to 60% insolation change test.