Distributed photovoltaic generation has advantages in energy savings and emissions reduction, but its economic value is still unclear. This paper examines the carbon value of distributed photovoltaic generation, analyzes the influencing factors and further illustrates how these factors affect the value. First, it introduces the method of carbon asset valuation to distributed photovoltaic generation, which produces lower carbon emissions than most other energy sources. Second, based on mean estimates of the internal determining factors for the carbon assets of distributed photovoltaic generation, this paper provides an estimated value of the carbon assets. Third, under uncertain conditions and accounting for the time factor, it uses Monte Carlo simulation to analyze the sensitivity of the carbon asset value of distributed photovoltaic generation. The results indicate that (1) distributed photovoltaic generation has a carbon asset value; (2) the carbon asset value of distributed photovoltaic generation is determined by the carbon reduction level, the power generation capacity and the carbon price; and (3) carbon price fluctuations affect the carbon asset value of distributed photovoltaic generation much more than the power generation capacity. This paper provides academic support to promote carbon asset trading in distributed photovoltaic generation and for distributed photovoltaic generation to reduce carbon emissions.