In recent years, there has been a significant rise in attention towards renewable energy sources, primarily due to environmental concerns. Among these sources, solar energy has emerged as a prominent subject of research. The improvement in the effectiveness of photovoltaic (PV) panels has resulted in a considerable increase in their favorability in comparison to other solar energy technologies. The objective of this investigation is to evaluate the efficiencies of a traditional PV panel, a CPV (cooled photovoltaic panel), and a CCPV (concentrated cooled photovoltaic panel) by directly comparing their performance and assessing their individual efficiencies. The investigation of output energy and exergy was conducted in the environmental conditions of 10th of Ramadan City, Egypt, during both the winter and summer seasons of 2023. The current study performs a comprehensive 4E analysis, encompassing energy, exergy, environmental, and economic analysis with life cycle assessment, in order to investigate the effects of incorporating reflecting mirrors and evaporative cooling pads on the efficiency of PV systems. The results show that CPV panels increase energy generation by approximately 5.62% and 6.34% during the winter and summer months, respectively. In contrast, CCPV panels enhance energy output by higher percentages of around 9.07% and 8.65% in the winter and summer seasons, respectively. This is despite the fact that the CPV configuration exhibits higher exergy values than the CCPV. The findings suggest that incorporating heat loss utilization is critical for maximizing the benefits of the CCPV system configuration.