The power and efficiency of the monocrystalline PV module increase by reducing its panel temperature. It depends on the solar irradiance and the operating temperature of the PV module. Due to an increase in the operating temperature of the PV module, the efficiency decreases. As the temperature rises, the power output of the PV module also decreases. To improve the efficiency of the PV module, two different cooling techniques are investigated in this paper, i.e., the water channel cooling technique and the water-channel cooling technique accompanied with forced convection. In the water-channel cooling technique, copper pipes with serpentine and multi-inlet outlet arrangements are utilized at the backside of the mono-crystalline PV module, and the water is passed through pipes, while in water-channel cooling along with forced convection, the copper pipes with serpentine and multi-inlet outlet arrangements along with fans are employed. It is observed that the multi-inlet-outlet arrangement is more efficient as compared to the serpentine arrangement owing to the better heat transfer between the cooling media and the PV module. The experimental results demonstrate an increase in power output and efficiency realized through the reduction in operating temperature of the PV module and thus improving the open circuit voltage.