The heavy reliance on fossil fuels, given their inevitable depletion and serious negative impact on the environment, has led to intensive scientific research to produce solutions which will ensure sustainable supply of energy based on renewable sources. Solar radiation is one of the major sources of clean and renewable energy with the potential to provide ample power for the growing human population in the long term. The current energy crisis is aggravated by the escalating concerns over the water quality especially in developing countries. There is great potential for utilisation of solar energy through solar photovoltaic systems throughout the world for electricity generation as well as water and wastewater treatment. Innovations in this area have opened new prospects to improve the quality of life for people as a whole. Hence, the focus of this review paper is to provide the reader with a brief history of solar photovoltaic systems, the various types of solar photovoltaic materials available and the solar cell efficiencies attained with the current solar photovoltaic technologies. Furthermore, applications of photovoltaic systems are discussed in terms of their societal economic and environmental effects.