The simulated bifacial solar panel current–voltage characteristic curves show good agreement with the actual measurement result under the sun. The simulation tool can predict the bifacial solar panel output accurately and therefore design optimization of the bifacial solar panel based on it is valid. The optimization result shows that the bifacial solar panel with optimized design can produce 26% higher yearly yield as compared with the design having the minimum spacing between solar cells and distance from the mirror. However, material cost of the solar panel is also higher in the optimized design. Cost effectiveness is therefore the focus of the future work of this paper. Solar panel design will be optimized to give the lowest cost per unit yearly yield to produce a design with higher electrical energy output at a cheaper cost. Besides, other types of optical elements such as prisms, scattering particles, convex mirrors, etc. [3] will be put into the simulation together with the plane mirror to study whether they can improve the cost effectiveness of the bifacial solar panel or not.