The article presents an experimental investigation that focuses on a water-aided concentrated photovoltaic/thermal (CPV/T) system with phase change material (PCM). The objective is to improve the thermal efficiency, electrical efficiency, and power output of a Photovoltaic (PV) panel through the integration of a CPV/T-PCM system. The experimental setup includes three types of panels: a traditional PV panel, a water-aided PV/T system, and a water-aided flat plate CPV/T-PCM system. The CPV/T-PCM system incorporates paraffin wax RT-30 as the PCM. An aluminum sheet is used as a reflector in the CPV/TPCM system to take advantage of its high specular reflectance (0.890) at near-normal incidence. The investigations were carried out at a specific tilt angle of 30° for the reflector pertaining to the vertical plane of the PV panel. The effect of three distinct Ms, 0.01 kg/s, 0.02 kg/s, and 0.03 kg/s, on electrical and thermal efficiency was examined. The data and results obtained from the experiments indicate that the wateraided CPV/T-PCM system outperforms the water-aided PV/T system in terms of enhancing thermal efficiency, power output, and electrical efficiency of the PV panel. This indicates that the integration of a CPV/T-PCM system with water as the working fluid and RT-30 as a PCM can effectively enhance the overall performance of the PV panel. The flat plate CPV/T-PCM system allows for simultaneous electricity generation and thermal energy extraction, leading to higher electrical efficiency and increased power output.