The power system operators and planners still face the challenge of integrating renewable energy
sources into power system grids. Renewable energy system is an innovative option for electricity
generation, especially the solar PV system as it is a clean energy resource. Recognizing the advantages of
PV system, many such systems have been installed worldwide in recent years. To achieve the
commercialization and widespread use, a number of issues need to be addressed. These issues are related
to the design and sizing of the system, the suitable and effective model that includes technical and
financial aspects of PV smart grid to supply electricity, and the balance electricity price for integrating PV
in a smart grid system. Earlier studies showed that the balance electricity price for integrating PV in a
smart grid system dealing with the reality of using PV smart grid systems are limited. Therefore, there is
a need to develop a PV smart grid system model that incorporates technical and financial aspects. This
would be useful to evaluate the balance electricity price for integrating PV in a smart grid system.