Without the PUC subsidies, the economics of PV still look pretty dismal. Darrell has 20 panels of 160 watts each, so 3200 watts; at $5/watt that's $16K for the panels alone. If the panels were 1/3 the cost of the system, that's almost $50K before the subsidies. Counting it at 2500 watts and $4 a watt, that's $10K for panels, $30K total. The system is making 350 kwh/month averaged through the year, or about $50/month ($600/year) at .14/kwh. Simply putting the $30k in the bank at 3% interest makes $900/year.
So, this technology is still in the early adopter stage. But it's driving process improvements in making the solar cells, which is a good thing. As the cells get cheaper, the other stuff (inverters, mounting) will get cheaper with them. Once the cells get to $1/watt, they get a lot more interesting.