An increase in Photovoltaic (PV) module temperature (T-PV) affects the photoconversion efficiency (PCE). Annual T-PV loss accounts higher than other losses in the PV system for hot climatic conditions. The main objective of this work is to introduce a novel passive Cold-PCM (C-PCM) to reduce the T-PV. Commercial PCM's are more expensive than a eutectic PCM. In this work, Lauryl alcohol and Ethyl alcohol are mixed in a ratio of 75:25 to form a eutectic mixture. The prepared eutectic mixture is having a melting temperature and latent heat of fusion of 21.75 degrees C and 199 J/g, respectively. Furthermore, C-PCM containers with 3-cm and 5-cm thickness are attached at the back surface of the PV module. It is observed that the 5-cm container exhibits higher heat transfer, which subsequently resulted in T-PV reduction at a maximum of 10.3 degrees C. This decrease in T-PV, enhanced the average voltage profile by 2.85%, thereby the average output power is also boosted by 2.8%. Consequently, this eutectic PCM can improve the average performance ratio, electrical efficiency and capacity utilization factor of the PV module by 72.63%, 10.09% and 19.41%, respectively. Thus the experimental results revealed that C-PCM could be a potential replacement to H-PCM for cooling down the T-PV.