Advantages

Photovoltaic basically converts radiant light energy into electricity. Photovoltaic cells are the building blocks of this technology. PV cells are connected together to form larger modules. A module is typically placed near or on a home to provide a portion of, and in some cases all of, the homes power and in turn electricity. PV systems are used for "off-the-grid" applications (homes, cabins, and water pumping on farms) as well as federal government applications (traffic warning lights and emergency call boxes near highways).

Savings

Cost savings for PV systems are typically calculated in terms of other energy options such as extending power lines or alternative energy systems. Stand-alone photovoltaic systems can be more cost-effective than extending power lines for locations as near as a quarter mile off the grid. On a 20-year, life-cycle-cost basis, a remote PV system typically costs from 25 - 50 cents per kilowatt-hour.

More Information On This Topic:

U.S. Department of Energy's Office of Energy-Efficiency and Renewable Energy: Photovoltaics

U.S. Department of Energy's Office of Energy-Efficiency and Renewable Energy: Photovoltaic Basics

Energy and Environmental Building Association: Photovoltaics