To supply continuous energy to the load, the stand-alone photovoltaic (PV) systems in most of the cases require energy buffer where common choice becomes lead acid batteries. However, supplying a large burst of current even for small time duration may result in battery destruction and life degradation. An alternate solution to this problem is to use ultracapacitor (UC) alone or in conjunction with the batteries. Due to non-linear behavior, ultracapacitors are difficult to model. In this paper, the Averaging Point Method (APM) is proposed to model the ultracapacitor. The Averaging Point Method takes into account the dynamic behavior of the ultracapacitor, generally neglected by different researchers. The ultracapacitor is modeled with nonlinear and linear factors, temperature dependency and time-dependent behavior of UC capacitance. Quantities of tests were conducted at 10F, 150F, 200F, 350F, 470F 2.7V ultracapacitors, furthermore on 20F 12V UC utilizing distinctive rating solar panels to charge UCs. Different hybrid storage applications using ultracapacitor battery combination are also discussed with relative merits and demerits of both storage devices. The extensive reproduction work completed utilizing MATLAB/Simulink® programming demonstrates a lot of similitudes between the recreations and exploratory results. The proposed model is valuable to comprehend UC conduct when associated with PV panels as an additional vitality cradle.