With the advancement in technology and manufacturing techniques, various solar cell materials evolved, and their practical implementation led to modification in the design and installation of photovoltaic panels. Different solar cells are compared in this chapter considering their efficiency, performance, temperature coefficient, etc. Developments in PV panel and photovoltaic thermal (PVT) systems are outlined with their respective applications and advantages. It was found that the cost and efficiency of any solar cell are crucial parameters for deciding its implementation in PV panels. Additionally, the solar panel's temperature deflates its efficiency and lowers the thermal conversion. In order to overcome this problem, a PV system was incorporated with different thermal storage materials and cooling mediums, such as air, water, oil, fluids, etc., lowering the temperature of solar panels and making them able to store the excess solar thermal energy to use it during the sunoff period. It was concluded that thin solar cells, such as perovskite and DSSC solar cells, are widely used where flexibility is important and thermal storage materials are utilized with nanoparticles for better thermal efficiency.