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In this paper, the electrical and thermal performances of a single-crystalline submerged photovoltaic (PV) solar panel (SP2) is investigated. In particular, due to the presence of water, several phenomena occur such as the modification of solar-radiation spectrum and the reduction of the module operating temperature. These phenomena have different impacts on the global energy performance of the PV module, which depends on the environmental conditions, on the PV technology, and on the water depth. Energy performances of an SP2 module are measured using two different experimental setups in different environmental conditions, with an increase in power ranging from 10% to 15%.