Photovoltaic (PV) systems are well-known systems that convert solar energy into electrical energy. Increases in operating temperature induce a drop in conversion efficiency and, thus, in the output power produced by the panel. This paper investigates the effectiveness of using Phase Change Materials (PCMs) in cooling PV modules. Due to its high storage density with limited temperature fluctuations, the latent heat storage in a PCM is an important factor. This depends on the thermophysical properties of PCMs such as the melting point, specific heat capacity, latent heat, density, etc. This paper aims to make a comparison between four types of PCM with different melting points and physical properties. Indoor experimental studies were performed using five prototypes. A halogen lamp was used as a solar simulator to ensure that experiments were carried out under the same irradiance. The first prototype was the reference, which consisted of a PV panel, a stand, and an electric circuit without PCMs. Four other prototypes were investigated, consisting of a PV panel with a container added at the rear face, with each having different types of PCM: sodium sulfate decahydrate, sodium phosphate dibasic dodecahydrate, decanoic acid, and calcium chloride hexahydrate, respectively. The results clearly show the effect of PCMs’ properties on PV temperature profile and power generation.