The energy and environmental problems, which have arisen due to the significant increase in energy consumption, require the implementation of energy efficiency measures in the building sector which is the main source of primary energy consumption in Turkey. In this regard, in order to decrease the energy demand of buildings, supporting for in situ energy production and promoting the use of renewable energy sources, which are contributing causes to the self-sustainable buildings, take precedence over the other measures for resolving the energy related challenges of Turkey and dealing with the sustainability issues. Therefore, this paper aims to introduce a study on the assessment of the energy potential of the photovoltaic (PV) system considering a multi criteria evaluation which involves both economic convenience and environmental impacts. This study was conducted for five climate zones of Turkey through an evaluation that accounts for the crucial parameters related to the energy, economic and environmental analysis which have considerably impact on the promotion of PV system applications in terms of the energy renovation of existing residential buildings. The findings of the study can serve to underscore the potential PV profitability concerning the achievement of low carbon economy target of Turkey.