This study introduces and applies the \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\) (lifespan, power and cost effectiveness factor) metric as a novel framework for evaluating photovoltaic (PV) enhancement technologies, particularly cooling and reflective systems. The metric represents the normalized ratio between the total lifespan-weighted power improvements contributed jointly by the PV module and its enhancer—after accounting for their combined cost—and the baseline maximum power capability of the standalone PV module normalized by its individual cost. \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\) integrates key parameters including enhancer-induced power gain, operational lifespan, and cost alongside the performance characteristics of the PV module. A comprehensive sensitivity analysis was performed to examine how variations in these parameters influence the long-term effectiveness of different enhancement techniques. The results show that although higher power gains generally increase \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\) , this improvement is strongly moderated by the enhancer’s lifespan compatibility with the PV module and its associated cost. Enhancers with short service life or high manufacturing cost exhibited reduced long-term effectiveness, even when delivering substantial power improvements. In contrast, low-cost enhancers with moderate power contributions achieved high cost-effectiveness when their operational lifespan matched or approached that of the PV module. The analysis also demonstrates that increases in the PV module’s rated power (PPV, max) decrease \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\) due to an enlarged denominator, while reductions in either PV or enhancer cost improve overall performance. To illustrate real-world applicability, a comparative case study of single and double reflectors was conducted. The single reflector achieved a higher \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\) value (32.08%) than the double reflector (28.95%), indicating superior cost- and lifespan-efficiency. These findings confirm that the \(\:{\text{F}}_{\text{L}\text{S}\text{P}\text{C}\text{E}}\:\) metric offers a robust, transparent, and flexible framework for comparing PV enhancement technologies and can support researchers, manufacturers, and policymakers in optimizing performance and return on investment.
