Solar energy systems are one of the most effective replacements for traditional fossil fuels because of their capability to turn solar energy directly into heat and electricity with no harmful environmental consequences such as CO₂ production and climate change. Despite the challenges and motivations, the implementation of solar energy is still slow in the mining industry. There are many opportunities to bring this new technology to mine sites. The most important objective of switching to renewable energies is increasing the efficiency of solar panels and decreasing the cost of energy production. Improving the thermal performance of solar energy systems by using nanofluids with superior thermophysical properties is a viable option. In this paper, the fundamental parameters, which improve the nanofluid properties and make the solar systems more cost‐effective are reviewed.