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Photovoltaic (PV) systems are gradually becoming larger to better leverage economies of scale. Still, project size and financing are governed by the confidence that investors have in forecasted energy production. Default settings of PV module models in the two prevalent production forecasting software programs only poorly reproduce measured data for standard multicrystalline module types. To address this issue, this study presents and applies systematic approaches to minimize differences between modeled and measured PV module efficiencies at multiple irradiance intensities. Optimized models considerably improve the agreement between model and measurement and have a significant impact on energy forecasts.