In this paper, a new observer-based controller is proposed for a photovoltaic DC-DC buck converter; both photovoltaic (PV) voltage and current regulation are considered. In order to deal with the complex and nonlinear PV mathematical model and adapt it to the control purpose, a hybrid PV current observer model is proposed; three modes are defined and the stability of the observer is discussed using the hybrid dynamical system approach (HDS). The observer-based controller is designed for both voltage and current regulation of the PV system; the closed loop of the full system stability is demonstrated through Lyapunov analysis. Experimental results are also presented showing the feasibility of the proposed observer-based controller.