The aim of this master’s thesis is to assess the life cycle of a photovoltaic system. The theoretical part of the thesis examines the plans and strategies of the European Union aimed at achieving carbon neutrality, transitioning to renewable energy sources in the energy sector, and achieving energy independence. To assess the environmental impact of the photovoltaic system, the methodology of life cycle assessment (LCA) standardized by the ISO 14040 series of norms, was studied. The thesis describes the construction and manufacturing technologies of the components of a photovoltaic system installed on a 50 m2 roof surface of a residential building in Zagreb. A life cycle model for this system was developed using the educational version of the GaBi software. The impact of each life cycle phase of the photovoltaic system on the environment was calculated by applying the life cycle assessment method. An Environmental Product Declaration (EPD) was also created for this photovoltaic system. The comprehensive analysis conducted in the thesis showed that the photovoltaic system has lesser environmental impact than traditional energy sources and offers significant advantages in reducing greenhouse gas emissions.