A PV panel is a current source. The PWM regulator measures the battery voltage, if it is below a threshold, it connects it to the battery, if it is above another, it disconnects. (It is slightly more complicated, but that is it for the most part)
If you connect the PV to your battery, being a current source, the voltage will drop to that of the battery with the given current the panel is able to supply at that point of it's I/V curve.
What you are seeing is completely as expected.
(if you disconnect the battery and load with only the panel connected, you will see nearly the same 20V as with it floating.)