This paper provides a comprehensive analysis of photovoltaic (PV) modeling, focusing on the accuracy of different models in reconstructing the I–V characteristic curve. The I–V curve is crucial for understanding the nonlinear characteristics of PV panels, which are essential for sustainable energy systems. The paper classifies PV models into three categories: circuit-based, analytical-based, and empirical-based. It evaluates the accuracy of these models at the maximum power point (MPP) according to the IEC EN 50530 standard, which stipulates that the absolute error should be less than or equal to 1% within ±10% of the voltage at MPP. The paper discusses the theoretical and mathematical derivations of equivalent-circuit-based models, including single-diode, double-diode, and triple-diode models. It also explores approximate PV models, such as those using the Lambert W function and asymptotic formulas, and empirical-based models like the three-coefficient model, Bézier curve-based model, and superellipse-based model. The accuracy of these models is evaluated using six different PV panels, and the results show that circuit-based models generally provide more accurate representations of the I–V curve, but their accuracy depends on the parameter extraction techniques. Analytical-based models, while simpler, still rely on accurate estimation of the single-diode model parameters. Empirical-based models, which are curve-fitting derivatives, achieve higher accuracy near MPP due to their independence from the physical representation of the PV panel. The paper concludes with a discussion on future research trends, suggesting that a hybrid model combining the strengths of circuit-based and empirical-based models could provide a better understanding of both the static and dynamic characteristics of PV panels.This paper provides a comprehensive analysis of photovoltaic (PV) modeling, focusing on the accuracy of different models in reconstructing the I–V characteristic curve. The I–V curve is crucial for understanding the nonlinear characteristics of PV panels, which are essential for sustainable energy systems. The paper classifies PV models into three categories: circuit-based, analytical-based, and empirical-based. It evaluates the accuracy of these models at the maximum power point (MPP) according to the IEC EN 50530 standard, which stipulates that the absolute error should be less than or equal to 1% within ±10% of the voltage at MPP. The paper discusses the theoretical and mathematical derivations of equivalent-circuit-based models, including single-diode, double-diode, and triple-diode models. It also explores approximate PV models, such as those using the Lambert W function and asymptotic formulas, and empirical-based models like the three-coefficient model, Bézier curve-based model, and superellipse-based model. The accuracy of these models is evaluated using six different PV panels, and the results show that circuit-based models generally provide more accurate representations of the I–V curve, but their accuracy depends on the parameter extraction techniques. Analytical-based models, while simpler, still rely on accurate estimation of the single-diode model parameters. Empirical-based models, which are curve-fitting derivatives, achieve higher accuracy near MPP due to their independence from the physical representation of the PV panel. The paper concludes with a discussion on future research trends, suggesting that a hybrid model combining the strengths of circuit-based and empirical-based models could provide a better understanding of both the static and dynamic characteristics of PV panels.