In order to promote the energy production revolution, it is imperative to develop photovoltaic power generation. Under the situation of desubsidy, time-of -use policy provides a new revenue point for photovoltaic generation. The current time-of-use policy and the advantages of large industrial users investing photovoltaic generation are analyzed. A life cycle economic model of photovoltaic generation is built. The economic performance of photovoltaic generation invested by large industrial users in typical areas is analyzed with the levelized cost of energy, internal rate of return and payback period as economic evaluation indicators. The results show that photovoltaic generation in all areas can profit, and the time-of-use pricing policy can significantly improve its economy. The lower the electricity price level is, the worse the economy of photovoltaic generation will be. but the abundant radiation resources can compensate for the impact of electricity price level to a certain extent. The time division of time-of-use pricing policy affects the economy of photovoltaic generation. The longer the photovoltaic generating period contains the peak price and the more concentrated it is in the maximum power generating period, the better the economy of photovoltaic generation will be. The annual decline of electricity price will reduce the economic performance of photovoltaic generation, which makes it necessary to fully consider the changing trend of electricity price when making investment decisions.