Solar PV Power

I hope this isn't homework because it is an interesting question. My guess is that the color of the panel and its tendency to reflect vs absorb is probably far more significant than the idea of converting the incoming energy to electricity and transporting it away over wires.

I assume you're questioning if the energy that reaches a solar panel gets converted into electricity then it won't be converted into heat. Unfortunately it's not that simple. Different types of solar cells absorb different wavelengths of the incoming solar energy, but most of this energy is in the ultra-violet or visible range, not the infrared zone where the bulk of the heating effect comes from. Currently only 15-20% of the incident energy gets converted into electricity, the rest goes back into the atmosphere as reflected light and heat, so that any possible "cooling" effect from removing the useable energy from the atmosphere is negligible at best. But using solar cells does reduce the emissions from the burning of fossil fuels in conventional power plants after about a 3-5 year payback period for the energy required to mine the materials and process them into a solar panel.

See the following for more info:

http://www.eere.energy.gov/basics/renewable_energy/pv_cell_conversion_efficiency.html

http://www.scientificamerican.com/article.cfm?id=solar-cells-prove-cleaner-way-to-produce-power

For anything in the shade of the solar panels, yes.

With respect to localised (outdoor area) ambient temperatures consider the case of replacing the solar panels with similar objects such as building roofs. Solar panels (like building materials) don't remove radiant heat by converting it into something else (like electricity).

"result in reducuction of the ambient temperature especially where solar panels covering large area are installed"

Yes. It will reduce the ambient temperature especially where solar panels covering large area are installed.