Silicon-based photovoltaic (PV) panels are key technologies in the pursuit of sustainable energy solutions, yet enhancing their efficiency remains a significant challenge. The mismatch between the solar irradiance spectrum and the absorption spectrum of silicon results in a considerable loss of useful solar energy. In addition, the absorption of infrared radiation by PV panels leads to thermal buildup, which further reduces the power output over time. This study proposes the development of a light-conversion film incorporating up-conversion nanoparticles (UCNPs) to enhance the effi-ciency of PV panels. Lanthanide-based UCNP, NaYF₄³⁺/Er³⁺, were selected for their ability to con-vert near-infrared (NIR) light into visible light, thereby converting otherwise wasted thermal ener-gy into usable electrical energy. UCNPs convert energy through their intrinsic material properties, exhibiting good photostability, which is critical for long-term applications, thereby potentially re-ducing the overall cost of solar energy production. As a proof of concept, the UCNPs were incorpo-rated into a fluoropolymer matrix (FEVE) and applied to transparent 3M films, which were subse-quently tested across different days on silicon-based PV panels at the roof of the campus building at SIT@Dover between the period of May to July 2024. The matrix and films were chosen for their optical transparency and ease of application onto PV panels. Material characterization of the UCNP-coated films showed an optimal intersection between optical transparency and upconverted emis-sion intensity at a 10% concentration of UCNP. From empirical testing, the mixture of blue and green-emitting UCNPs delivered the best performance in terms of consistent power generation. Notably, the 10% green-emitting UCNP film outperformed the other configurations during peak sunlight, yielding power increases of 3.52% and 3.48%, respectively. When the UCNP-coated film’s performance was isolated from the substrate film, improvements were more pronounced, with gains of 9.74% and 9.69%, suggesting that better performance can be achieved if the UCNP is di-rectly incorporated into the PV panel. Assuming that a 9% increment in power generation can be achieved on a large scale, the estimated levelized cost of electricity (LCOE) can be reduced from SGD$1.31 to SGD$1.16. As part of future work, the UCNPs will be incorporated directly into the glass of PV panels or as an additional coating layer above the Silicon cells. This study contributes to the ongoing development of photovoltaic technologies, providing a practical solution to improve panel performance and support the global transition toward more efficient and sustainable energy systems.