###### Abstract  
Renewable energy sources are critical to the global effort to achieve carbon neutrality. Alongside hydropower, wind and nuclear plants, the photovoltaic (PV) systems developed greatly, with new PV technologies emerging in recent years. Although the conversion efficiencies are improving and the materials used have a lower impact on the environment, the feasibility of these technologies is required to be assessed. This paper proposes a levelized cost of energy (LCOE) model to assess the feasibility of five PV technologies: high-efficiency silicon heterojunction cells (HJT), N-type monocrystalline silicon cells (N-type), P-type passivated emitter and rear contact cells (PERC), N-type tunnel oxide passivated contact cells (TOPCon) and bifacial TOPCon. The LCOE considers capital investment, government incentives, operation and maintenance costs, residual value of PV modules and total energy output during the PV system's life span. To determine the influence of PV system's capacity over the LCOE values, three systems are analyzed for each technology: 3 kW, 5 kW and 7 kW. The results show that the largest PV systems have the lowest LCOE values, ranging from 2.39 c/kWh (TOPCon) to 2.92 c/kWh (HJT) when incentives are accessed, and ranging from 6.05 c/kWh (TOPCon) to 6.51 c/kWh (HJT) without subsidies. The 3 kW and 5 kW PV systems have higher LCOE values due to lower energy output during lifetime. Revised: 5 June 20251 June 20251 June 20251 June 20251  
Thus, solar PV power is set to become the largest renewable energy source by 2030 in the Net Zero Emissions (NZE) Scenario by 2050. With an increase in energy production of around 25% in 2023 compared to the previous year, solar PV power begun the acceleration towards the 2030 objective of approximately 9200 TWh, as presented in Figure 2. The global installed capacity in solar PV power increased from 1177 GW in 2022, to 1603 GW in 2023 and 2105 GW in 2024, paving the way to achieve 6700 GW by 2030 in an NZE Scenario [2]. This continuous increase in installed capacity of solar PV power is supported by a decrease in global PV modules and additional equipment prices, incentives granted by the authorities and technology development, emerging new and more efficient designs [2]. The financial feasibility of these designs should be determined to maintain the competitive cost advantage of PV systems. Different methods have been used to evaluate the economic efficiency of PV systems, like Life Cycle Assessment and Life Cycle Costing [3], Simple Payback Period and Levelized Cost of Energy (LCOE) [4], LCOE, Net present Value and Investment Payback Period [5], LCOE and Internal Rate of Return [6]. Figure 1: Global share of renewable energy sources from 2000 to 2030 [2]. Figure 2: Solar PV generation and installed capacity for 2015-2030 [2]. This paper assesses emerging PV module technologies by using LCOE method, which quantifies lifetime costs [\(\xi\)] and divides them to the cumulated energy produced by the PV system [kWh]. The LCOE model is often used to optimize the functioning of renewable energy systems [7]. Moreover, the method allows the comparison of different technologies with unequal life spans, installed power, efficiencies, capital cost and return of investment [8]. The LCOE method is used in [9] to assess two PV technologies: organic and perovskite absorber layers. The proposed model determines the LCOE values considering the losses, module cost and initial efficiency of grid-scale PV systems located in Fiji and compare them to the electricity generation from traditional sources. The obtained values for LCOE are 0.1461 $/kWh and 0.2178 $/kWh (0.13-0.19 \(\xi\)/kWh), at a 10% discount rate, 2.1% inflation and 25 years system lifetime. However, these values are much higher than the cost of energy generation given in Pacific Power Association report, 0.1240 $/kWh, and the small business tariff of Energy Fiji Limited of 0.1849 $/kWh.