Determining the optimum penetration of renewable energy systems and their associated aggregated technical and economic benefits is a growing concern for both researchers and policy makers. The purpose of this paper is to evaluate the cost-optimal pathways for a university campus in Illinois, USA to install solar PV systems by performing parametric analyses. Here we suggest cost-optimal solutions to deploy solar photovoltaic systems under two different finance scenarios: the Single Party economic model and the Two Party economic model. In addition, critical economic factors are highlighted by incorporating them into an energy performance model. This case study can be a replicable model for other academic institutions to actively implement renewable technologies and greatly support their decision-making processes.