Accurate modeling of the operational behavior of photovoltaic systems is crucial to optimizing and predicting system performance. One of the well-established and widely used modeling techniques is the single-diode equivalent circuit that delivers a sufficiently accurate description of the electric behavior of both photovoltaic cells and modules under various operational conditions. The single-diode model uses five parameters to reproduce the I-V curve for specific operational conditions. However, these five parameters must be extracted from measured or simulated I-V curves. This paper proposes a novel, accurate, and fast method for extracting the single-diode model's five parameters from measured I-V curves based on a genetic algorithm combined with particle swarm optimization to find the optimal controlling parameters of the genetic algorithm. This approach results in a significant performance improvement in accuracy and convergence speed. The paper also proposes a concept for determining the optimum number of current-voltage data points in the I-V curve, enabling an optimum trade-off between a sufficiently high accuracy and computational costs. Finally, the effect of different objective function formulations on the result has been investigated by comparing the usage of three different objective functions: the implicit form of the single-diode model, the Lambert W-function-based formulation of the explicit single-diode model, and a system of equations based on least square fitting. From the results, it could be concluded that the implicit formulation of the single-diode model delivered the best results compared to the two other formulations. Performance evaluations showed significantly lower error values than recent literature, with mean percent errors of 0.038%, 0.34%, and 0.87% received for the investigated monocrystalline cell, poly-crystalline module, and amorphous module, respectively. The computational cost was reduced by more than 60% after determining the optimum number of I-V points per curve, which was in the range of 20-30 points for each measured curve.