This paper presents rigorous experimental outdoor performance of a 2.32kWP stand-alone photovoltaic (SAPV) system in New Delhi (India) for four weather types in each month such as clear, hazy, partially cloudy/foggy and fully cloudy/foggy weather conditions respectively. The daily power generated from the existing SAPV system was experimentally found in the range of 4–6kWh/day depending on the prevailing sky conditions. The number of days and daily power generated corresponding to four weather types in each month were used to determine monthly and subsequently annual power generation from the existing SAPV system. There are three daily load profiles with and without earth to air heat exchanger suitable for three seasons like summer (3.75–6.15kWh/day), winter (2.79–5.19kWh/day) and rainy (3.75kWh/day). The hourly efficiency of the SAPV system components are determined and presented in this paper. The life cycle cost (LCC) analysis for the existing typical SAPV system is carried out to determine unit cost of electricity. The effect of annual degradation rate of PV system efficiency is also presented in this paper. The energy production factor (EPF) and the energy payback time (EPBT) of the SAPV system was also determined and presented in this paper.