In this paper, a simulation analysis of a system for powering a working load from a photovoltaic module via a DC-to-DC converter, in one variant, and a DC-to-DC converter, in the other variant, with load voltage regulation was performed. The basic characteristics of photovoltaic modules were discussed, as well as the influence of insolation and temperature on the electrical characteristics of a photovoltaic cell. Then, the basic characteristics and operating modes of the considered DC-to-DC converters without galvanic isolation were described. A detailed description of the components and parameters of the simulation models of the photovoltaic system with the considered types of converters was given, including the algorithm for regulating the load voltage. The optimal parameters of the PI load voltage regulator were selected using simulation models using the trial and error method. The responses of the regulated voltage to changes in the reference and the influence of disturbances, i.e. changes in insolation, were considered. Finally, the results obtained for both simulation models were analyzed in a wide range of insolation and temperature of the PV panel, as well as for different values of the resistance of the connected load. Special emphasis is placed on comparing the performance of the two considered systems in terms of dynamic indicators of regulation quality, achievable operating range, and ripple of the load voltage and choke current.