Photovoltaic (PV) systems are moving away from the traditional series-string PV structure and towards a module-integrated-converter (MIC) configuration for improved energy capture. A MIC approach trades off increased power production with increased cost and overhead power consumption. This research compares efficiency and cost of series-string, micro-converter, and micro-inverter PV system configurations. Analytical models for power production, cost, and cost per watt are developed for each configuration. Design choices such as the current sensor type, microcontroller, and maximum power point tracking (MPPT) algorithm affect power production and cost. Various design cases are explored to identify the number of MICs that minimize system cost per watt.