The efficiency and sustainability of solar panels throughout the day remain significant challenges, primarily due to the temperature rise in solar cell materials during peak sunlight hours, which reduces their efficiency. This study aims to enhance the efficiency of solar panels using an air-cooling mechanism. Based on prior insights, an indoor experimental setup was developed, featuring a cooling system with 196 circular pin fins, each with a diameter of 3 mm and a length of 16 mm, mounted on the rear surface of the solar panel. An aluminum heat sink of 3 mm thickness was integrated to support the fins, while a variable-speed fan supplied airflow across the fins. The solar flux and airflow rate were identified as critical parameters influencing solar panel efficiency. These parameters were optimized using Response Surface Methodology, with ranges of 400–800 W/m² for solar flux and 0.01–0.02 m³/s for airflow rate. Optimization was performed using MINITAB 17 and Design Expert 18 software. The optimized input conditions, solar flux of 403.33 W/m² and airflow rate of 0.0221 m³/s, yielded the following outcomes: exergy efficiency of 15.79%, power output of 4.12 Wp, module temperature of 22.43°C, and solar panel efficiency of 14.48%, with a composite desirability score of 0.5737. This work is novel and new in its simple and light weight arrangement as compared to heavy vibrating pumps required in liquid and nano-fluid cooling. Additionally, the optimization approach and economic analysis of the solar panel cooling system are relatively new and have received little attention in previous literature. Perturbation plots revealed that solar flux had a more pronounced effect on panel performance compared to airflow rate. This study highlights the potential of air-cooling systems to mitigate midday efficiency losses and improve the operational sustainability of solar panels. The findings contribute to advancing cooling technologies for solar energy systems, promoting greater energy efficiency and reliability.