Cooling of photovoltaic panels is an important factor in enhancing electrical efficiency, reducing solar cell destruction, and maximizing the lifetime of these useful solar systems. Generally, the traditional cooling techniques consume considerable amount of water, which can be a major problem for large scale photovoltaic power stations. In this experimental study, a pulsed-spray water cooling system is designed for photovoltaic panels to improve the efficiency of these solar systems and decrease the water consumption during the cooling process. The results of the photovoltaic panel with the pulsed-spray water cooling system are compared with the steady-spray water cooling system and the uncooled photovoltaic panel. A cost analysis is also conducted to determine the financial benefits of employing the new cooling systems for the photovoltaic panels. The results show that as compared with the case of non-cooled panel, the maximum electrical power output of the photovoltaic panel increases about 33.3%, 27.7%, and 25.9% by using the steady-spray water cooling, the pulsed-spray water cooling with DC = 1 and 0.2, respectively. The pulsed-spray water cooling system with DC = 0.2 can reduce the water consumption to one-ninth in comparison with the case of steady-flow one. The levelized cost of electricity by the uncooled system was found lower than the spray-cooled systems but very near to pulsed-spray water cooling with DC = 0.2. The levelized cost of electricity produced by the PV system is reduced about 46.5% and 76.3% by using the pulsed-spray water cooling system with DC = 1 and 0.2, respectively as compared with the case of steady-spray water cooling system. As a result, the new pulsed-spray water cooling is efficient from the economic point of view. (C) 2020 Elsevier Ltd. All rights reserved.