Toward Sustainable and Clean Energy Futures: A Techno-Economic Review of Solar PV Systems, Challenges, and Opportunities

The integration of solar photovoltaic (PV) systems has gained significant attention from the global community, aiming to reduce dependency on fossil fuels and combat climate change. This paper provides a comprehensive review of the latest technical advancements and economic analyses of solar photovoltaic (PV) systems across various scales and applications, encompassing both grid-connected and off-grid configurations. The cost-effectiveness of important innovations, like enhanced inverter technologies, high-efficiency cell designs, and energy storage system integration, is summarized. Across a range of climatic and regional contexts, the review critically assesses economic parameters, including financial feasibility, the levelized cost of energy (LCOE), payback period, and return on investment (ROI). Along with examining intermittency issues, high startup costs, and new solutions, it also reviews the significant technical and financial challenges associated with voltage and frequency regulation in power systems with high PV penetration. To comprehend their role in promoting solar PV deployment worldwide, the environmental effects and policy framework, including government incentives and innovative financial models, are examined. Different case studies from both developing and developed countries are included to highlight the intersection among technologies, economics, and policies. This review identifies critical gaps in solar PV integration and provides comprehensive guidelines for researchers, investors, and policymakers with the ultimate goal of promoting clean energy systems to achieve sustainable development goals.