This paper investigates the viability of a commercial grid-connected photovoltaic system (GCPVS) in the Middle East region. In this regard, an economic assessment of a 120 kWp GCPVS connected in December 2017 under a feed-in tariff (FiT) scheme in Iran is carried out. Several economic indices, including net present value (NPV), internal rate of return (IRR), benefit-cost ratio (BCR), payback period time (PBT), and levelized cost of energy (LCOE) are determined to unveil the effectiveness of the enacted program. This paper exploits one-year recorded energy data of this commercial system to boost the reliability of the results. Moreover, PV module degradation factor is taken into account to make the analysis as realistic as possible. The computed outputs imply that this commercial system is highly appealing. The sensitivity analysis also highlight that the profitability of the GCPVS investment is secure under a wide range of unpredictable parameters. A comparative analysis between the findings and similar researches endorse the Middle East region as the highest potential site for PV installation. It is finally deduced that a properly modified FiT scheme can be set in the region’s countries concerning the local meteorological and economic conditions.

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