Making decisions on accepting or rejecting an investment project is an important task of company management. In order to be able to make a quality investment decision, it is necessary to prepare adequate bases in the form of calculated financial decision-making criteria. The traditional approach to the capital budgeting process used in this paper is based on the present value of the future cash flows of the investment project and uses the following financial decision making methods: net present value, internal rate of return, profitability index and modified internal rate of return. In addition, a sensitivity analysis was prepared to analyze the impact of percentage changes in key variables that affect the cash flows of the investment project on the amounts of basic financial decision-making methods of net present value and internal rate of return. The construction of a non-integrated photovoltaic power plant on the territory of the Republic of Croatia was selected for the analyzed investment project. Advances in the technology of photovoltaic systems production have led to a significant reduction in equipment prices, thus making the production of electricity directly from solar radiation interesting and cost-effective, even without the use of previous incentive systems. Using the traditional capital budgeting procedure, the investment in the investment project for the construction of a photovoltaic power plant at a location in the Dalmatian hinterland, in the Split-Dalmatia County, which supplies electricity to the public distribution network, was analyzed. All methods of financial decision-making have shown that the investment project in question is profitable.