To improve the performance of solar photovoltaic devices one should mitigate three types of losses: optical, electrical and thermal. However, further reducing the optical and electrical losses in modern photovoltaic devices is becoming increasingly costly. Therefore, there is a rising interest in minimizing the thermal losses. These correspond to the reduction in electrical power output resultant of working at temperatures above 25 degrees C and the associated accelerated aging. Here, we quantify the impact of all possible strategies to mitigate thermal losses in the case of the mainstream crystalline silicon technology. Results indicate that ensuring a minimum level of conductive/convective cooling capabilities is essential. We show that sub-bandgap reflection and radiative cooling are strategies worth pursuing and recommend further field testing in real-time operating conditions. The general method we propose is suitable for every photovoltaic technology to guide the research focused on reducing thermal losses.