Abstract An accurate model of photovoltaic (PV) panel is indispensable for simulations studies. In general, the PV circuit parameters for simulation studies are extracted from the manufacturer’s data sheet under different environmental conditions. The PV characterizing equations are nonlinear and requires a more involved computation. This paper presents a fast convergent third order Newton-type method to solve such nonlinear equations and thereby, to accurately parameterize any of the possible PV circuit models. The applicability and suitability of the proposed method are demonstrated through modeling of multi and mono-crystalline PV cells. Further an algorithm to evaluate the efficacy of the available methods and the proposed method is presented. PV characteristics of the suitable circuit model at various levels of temperature and irradiation are also examined. Finally, the effectiveness of the developed method is comprehensively assessed through comparison with the most recent and available effective techniques by considering various performance indices based on current-voltage, power-voltage curves and experimental data is carried out.