An alternative Equivalent Electrical Circuit for Proton Exchange Membrane Fuel Cells is modelled in this study. Both I–V characteristics and H2 consumptions corresponding to generated power under load and no-load conditions are investigated. For this purpose, H2 consumptions and I–V characteristics of three different sized PEMFCs are tested. There is a very good harmony between the model results and measured values (relative error %0.7, %6.4 and %2.5 for FC-A, FC-B and FC-C respectively). In the proposed model current passes only on parallel resistance and not on serial resistance at no-load condition. Thus, a FC with higher parallel resistance should be preferred. Another key output of this study is that based on the proposed model, performance comparison of FCs can be performed with the parameters defined in this work. Proposals made in this study can easily be used for performance analysis of FCs under for both steady state and transient analysis.