Maximal energy harvesting of photovoltaic panels is possible only if the load of photovoltaic cell is consuming current that corresponds to the maximal power point for condition combination on a certain moment. Correct and detailed mathematical modeling of photovoltaic panels is able to help to develop control techniques for maximum power point tracking converters. In order to overcome the disadvantages of Simscape solar cell block, a model of photovoltaic cell has been developed during the research on photovoltaic energy sources. Equations that are used for control of equivalent scheme of photovoltaic cell, comparison of the proposed model to the model represented in Matlab 2009 Simscape library and modeling description parameter estimation have been done. The comparison of models is represented in a steady state I-V curve characteristics that are compared to the experimental data obtained with a real photovoltaic panel. The proposed model showed results that are closer to the experimental data than the ones presented by Simscape library model. The performance of models in dynamic processes was not verified, but significant differences in behavior of the models have been ascertained.