Photovoltaic (PV) is one of the promising solar energy applications. Measured data can give the realistic performance of PV systems under actual operating environments for product selection and system design. This paper studies a grid-connected PV system installed in an institutional building. Technical data including available solar radiation and output energy generated were systematically recorded and analyzed. The performance of the PV system is elaborated in terms of energy, environmental and financial aspects. Feed-in-tariff (FIT) schemes with high electricity selling price can encourage the deployment of PV system. The monetary payback period (MPBP) for the PV system was computed to be 72.4 years when the electricity buying price is equal to the electricity selling price. If carbon trading was considered, the payback was shortened to 61.4 years. The embodied energy payback period (EEPBP) was estimated to be 8.9 years. The findings would be useful for planning grid-connected PV installations and applicable to other spaces with similar architectural layouts. (C) 2011 Elsevier Ltd. All rights reserved.