This article provides an economic analysis of electricity generation through the installation of photovoltaic (PV) panels at the American University of Armenia. Values influencing the economic expediency of the project are determined and described. A variety of scenarios are considered, including parameter variations of electricity prices within Armenia, PV panel cost per peak watt, and limitations imposed by the available roof-top area. Calculations show that at present it is not economically justifiable to invest in this project.