In this work, performance analysis of a medium concentrated photovoltaic system employing two mono-facial cells is carried out using a validated finite element based coupled optical, electrical, and thermal model. The environmental conditions of Lahore, Pakistan are considered, and the system is thermally regulated with a phase change material. Nine commercially available phase change materials (PCM) having melting temperature ranges between 41–65°C are selected. These PCMs include LA, RT47, S-series salt, ClimSel™ C48, STL47, RT54, RT60, RT62, and RT64. Temperature regulation, melt fraction, thermal and electrical efficiency are determined for each material for four months of January, March, July, and September representing four seasons of a year. The comparison of the materials has shown that S-series salt and C48 melt completely during the day and regenerate to solid-phase during night in the whole year except January. But S-series salt is found to be most suitable in current configuration due to its higher overall efficiency over the whole year.