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If the panel voltage is 39V, what is the voltage of Charge Controller?

Open circuit Voltage of the Panel is 38.7Volts and 8.7Amps, which Charge Controller we have to Select?

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You can use many of them. For instance, the Morningstar Mppt can accept the voltage you are describing. Here is the link to the product manual for more information: http://www.civicsolar.com/node/19182