To provide the progressive global demand for energy, the use of renewable energies is being rapidly developed. Since solar radiation is available in most parts of the earth, the photovoltaic (PV) power plant is one of the worthwhile solutions. As a deficiency, temperature rise in photovoltaic cells leads to a drop in their electrical output power. In this experimental study, the circulation of carbon black nanofluid was investigated as a coolant of PV modules. Both water and ethylene glycol (EG) were used as the base fluids. It is found that all modified cases generate more output power than the conventional one. For instance, water + carbon nanofluid yields 54% more output power compared with the conventional one. To make a real assessment of using nanofluid as a coolant, the electrical consumption by pump and fan must be counted. Therefore, in this study, the net output power is calculated. In the cases of EG and EG + carbon, the net output powers get lower than the conventional module. So, they are not justifiable. In this paper, a modified formula is proposed to calculate the exergy efficiency, in order to achieve more accurate results. Accordingly, from an exergy viewpoint, 16.3% and 4.5% in electrical and thermal exergy efficiencies are achieved, when water + carbon nanofluid was used. Moreover, the values of entropy generation and lost exergy were reported for all considered cases.

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