Based on different subsidies for distributed photovoltaic (PV) power generation in China, the cycle-life cost and benefit models of distributed PV are established in this paper, and characteristics of typical operation and maintenance (O&M) modes of PV are compared and discussed.Three economic indicators, including Net Present Value, Internal Rate of Return and Dynamic Payback Period, are used to evaluate the economic benefits of PV users under different O&M modes and different subsidies.Finally, a case study is carried out, and two main influent factors for economic benefits of PV users are discussed, including profit margins of O&M company and the proportion of electric power consumption for personal use.This study can provide reference for PV owners to operate under different subsidy and O&M modes.