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 4165C 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.