We have conducted a grid parity analysis of distributed PV generation in Brazil through the use of a probabilistic Monte Carlo approach. Essentially, we have derived the probability distribution of the levelized cost of electricity (LCOE) for both PV and grid electricity. We have thus assessed how likely grid parity will occur with respect to system's nominal power and financing scheme in a net metering framework, by computing the cumulative probability for which the LCOE difference is nonnegative: P(Delta LCOE >= 0). Regarding southern Brazil, it appears that economic viability of many residential gridconnected PV systems in operation is far from guaranteed, due to the need for substantial own capital and nominal capacity. 4-kW systems might be viable (P(Delta LCOE >= 0) = 0.82) but only by relying on equity financing, while small systems around 2 kW will not (P(Delta LCOE >= 0) <= 0.3). When debt financing is considered however, merely systems with nominal capacity above 7 kW present significant confidence levels (P(Delta LCOE >= 0) > 0.95). Eventually, it is outlined that electric company, state tax policy and consumption class are the effective leverages when assessing whether cost of distributed PV generation shall reach parity in the country. (C) 2018 Elsevier Ltd. All rights reserved.