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In response to the problem of increasing climate change and energy security, investment in renewable energy sources has increased significantly both in Europe and globally. Wind and solar power plants are expected to be the largest contributors to global decarbonization, ranking first and second in projected capacity by 2050. As all power plants have a certain impact on the environment, so do PV power plants, and due to their planned large capacities, it is necessary to assess their impact on the environment. Improving the manufacturing technology of PV system components, increasing the efficiency of solar cells, and using materials that are less harmful to the environment will reduce these impacts. Manufacturing PV system components is a highly energy-intensive process that involves greenhouse gas emissions. As new renewable energy capacity is built, the amount of “green” electricity on the grid increases, reducing CO2 emissions per kWh consumed. The objective of this paper is to analyze the current status of the environmental impact of PV power plants under these changing conditions in terms of CO2 emissions, land use, pollutant and noise emissions, and water consumption. The capacity installed to date will reach the end of its lifetime by 2050, which means that the amount of waste associated with it will increase over time. This can have a significant impact on the environment, which is why part of the work is dedicated to this problem. In addition to the available information from the literature, the authors also made their own estimates of land use based on data on newly installed PV power plants and PV modules available on the market. The results of the analysis show that there is enough land both in Europe and worldwide to install the planned capacities of rooftop and ground-mounted PV power plants. CO2 emissions are at the same level as for concentrated solar power, with a decreasing trend. Pollutant emissions, noise, and water consumption are not major problems compared to other types of power plants. Overall, it can be concluded that the expansion of PV capacity has a very positive impact on the environment.