Horizontal single‐axis solar tracking systems with Astronomical tracking algorithm are commonly used in photovoltaic (PV) installations. However, different algorithms could increase the PV installation’s performance without implementing new equipment or technologies. This paper compares the performance of three tracking algorithms to the Astronomical one. Two algorithms aim at optimizing the received irradiance focusing on the diffuse component. The third one, called Analytical, is presented as a new development in this study, defining the optimal inclination angle depending on all radiation components. The comparison focuses on different parameters like the in‐plane irradiance, DC power output from a monofacial PV system and operational aspects like the performed number of movements. High time resolution (1 minute) simulations have been performed with proprietary software taking into account several effects on the effective irradiance and power output estimation, such as shading effects or PV configuration. Eight locations with different climatic conditions have been analysed. All three algorithms derive in higher in‐plane irradiance and power output values than the Astronomical algorithm, although the gain depends on the climatic conditions. At locations with high diffuse fraction, the power output from the Analytical algorithm, which outperforms the others, could be up to 3% higher than the Astronomical one.This article is protected by copyright. All rights reserved.