I'm with sbaum. I would go ahead and install it. I recall having v12 on my Windows 7 VM at one time. I never had any issues.
Version 11 will work just fine with the PV+ 7 and it was the last version to support Windows 7. But as was mentioned, if there is an existing application that was created using version 12, your version 11 would not be able to work with it.
The PanelView can run older applications. So even if it has version 12 firmware, it will still run version 11 applications.
Suggestion: your next step should be to get your computer upgraded. Windows 7 was obsoleted two years ago. You will keep running into issues with software not being compatible. And some may prevent installation on an older operating system. Many of us here use virtual machines that allow us to boot up virtual computers running older operating systems when we need them. My PC currently runs Windows 10, but I have Windows XP, Windows 7, and Windows 10 virtual machines. I used to have DOS, Linux, and server operating system VMs as well. I can boot up any of these when I need them.
I never install any controls related software on my computer any more. I always install them in virtual machines.
OG