This study investigates the effectiveness of an indirect passive cooling solution for photovoltaic (PV) panels using flattened heat pipes (FHPs) and phase change material (PCM). An innovative passive cooling design is proposed to cool a PV panel using multiple FHPs with a thin graphite sheet between the PV panel and the FHPs. Five experimental cases are examined under varying heat flux loads. Case O serves as the baseline with no cooling system, while Cases 1 to 4 feature different configurations of FHPs and aluminum sheets, with PCM heat sinks added in Cases 2 and 4. The investigation focuses on temperature profiles, temperature reductions, and final temperatures of the PV panel, especially at the end of a 4-hour experimental period when the PCM is fully melted. The results show significant temperature reductions in Case 1 compared to the baseline, with further improvement in Case 2 due to the PCM heat sink. Temperature reductions in Cases 2 and 4 are consistently higher than in Cases 1 and 3, demonstrating the enhanced cooling potential of PCM. Case 4 achieves the highest temperature reduction of 37.0 °C, followed by Case 2 with 34.9 °C under a radiative heat flux of 1000 W/m2. Using 4 FHPs (Cases 1 and 2) is economically justified, offering comparable cooling performance to 8 FHPs (Cases 3 and 4), thus ensuring cost-effectiveness and reducing material usage by over 50 %. A maximum enhancement in PV electrical efficiency of 17.3 % is achieved in Case 2 during PCM phase change with a radiative heat flux of 1000 W/m2.