To mitigate the adverse effects of fossil fuel-based energy, mankind is in constant search of clean and cost-effective sources of energy, such as solar energy. The economic viability of a power plant to harness solar energy mostly depends on the efficiency of solar panels. Investigations over the years show that the solar panel efficiency significantly depends on the different meteorological parameters. Therefore, there is an imminent need for a correlation explaining the relations between the efficiency and different meteorological parameters. In this study, an effort has been made to analyze the effects of various meteorological parameters on the efficiency and subsequently propose a correlation between them. Initial investigations reveal that the optimal tilt angle for the maximum power output is 26°. The study demonstrates that efficiency is directly proportional to solar intensity and wind speed while being inversely proportional to temperature, humidity, and dew point temperature. Regression analysis of a data set comprising 100 data sets establishes a strong correlation between efficiency and five meteorological parameters: temperature, humidity, wind speed, solar intensity, and dew factor. The calculated efficiencies using the developed correlation deviate from the experimental values, with absolute errors ranging from 0.08 to 1.20%. The findings provided valuable insights for optimizing solar power plant performance by understanding the relationship between efficiency and meteorological parameters.