This paper offers a novel approach of the 'singlediode' equivalent circuit model estimation, which is based on analysis of the characteristics of the solar panel supplied by the manufacturer. The method combines solution of a system of algebraic equations with optimization algorithm for extracting the seven photovoltaic module parameters of the single diode lumped circuit model. These parameters are the photocurrent, the reverse bias saturation current, the ideality factor, the series resistance, the shunt resistance, the bandgap energy, and the temperature coefficient of the photo-generating current. A minimal set of experimental data is required for parameter extraction. In many cases, the required parameters can be extracted directly from the manufacturer's data. The number of solar panels of different types of manufacturers were analyzed. All the models have been obtained from the manufacturer's data only. The precision of simulation results is about 0.1%-0.5% for STC.