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This paper analyzes the potential contributions of photovoltaic energy to sustainable development in its three dimensions, environmental, economic, and social. For that purpose, the capacity deployments proposed by the main international institutions in the field are considered, mainly the International Energy Agency. The paper focuses on the monetary valuation of avoided CO₂ emissions, and the assessment of the required financial funds. The risk implied by the uncertain photovoltaic prices are dealt with, and methods to manage it are suggested. It is shown that valuing emission at a conservative price and properly discounted, would be enough to finance, on average, the required investments: thus, a low carbon tax is all that would be required to finance the investments.