One of the critical emerging branches of solar technology is photovoltaic/thermal (PV/T) systems that amalgamate solar collectors and solar photovoltaic panels into a unit to produce heat and electricity from stochastic solar insolation. In sunny countries, the conversion efficiency (η) reduces due to the elevated temperature of solar cells because solar panels absorb a sizeable portion of solar insolation as heat. The critical function of PV/T is to minimize the temperature of photovoltaic modules and enhance their electricity production with yielded thermal energy used for other applications. Energy and exergy are two essential aspects of examining an energy system. The exergy analysis of such systems is of great concern because it works on the quality of energy. The energy and thermal and electrical efficiencies are enhanced by applying proper cooling media in the PV/T. This brief provides a comprehensive review of the air, fluids, and PCM-based cooling media of the PV/T systems. A thorough review of various recently published research in the heat extraction methodologies of PV/T systems has been incorporated into this study. Based on the rigorous review, future recommendations for the implementation of cooling medias are also included in this study. The vivid tabular analysis of heat extraction methodologies provides a proper guideline for the researchers. This review work will provide a deep insight into the investigated area for the industrialists and researchers working in the field of PV/T technology.
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