The optimum tilt angle for a photovoltaic (PV) system depends on the row spacing because it affects the amount of shading on the panels. This study modeled PV systems for four different panel row spacings of 2 m, 2.5 m, 3 m, and 4 m in a fixed 3000 m² area in Konya province, Turkey. For different panel row spacings, the system performances were compared using a constant tilt angle of 35°, expressed as a proper angle for PV installations at the considered location. In addition, the optimum tilt angle is found for four different cases in terms of electricity generation. In systems with 35° tilt angles at electricity were produced annually as 622.77 MWh, 566.49 MWh, 495.36 MWh, and 385.72 MWh, respectively, for panel row spacings of 2 m, 2.5 m, 3 m, and 4 m. In addition, these electricity productions are 6.19%, 4.41%, 2.56%, and 0.92% higher with optimum tilt angles as 1°, 15°, 21° and 27°. Similarly, the Performance Ratio (PR) values obtained with the optimum angles are 20.61%, 8.39%, 4.12%, and 1.44%, higher than the fixed tilt angle cases. According to the economic analysis, systems with a fixed tilt angle for these panel row spacings pay back themselves in 5.13, 4.67, 4.44, and 4.28 years, respectively, while systems at optimum angles pay back themselves in a shorter time by 5.83%, 4.26%, 2.49%, and 0.91%. Furthermore, the highest NPV/INV, IRR, and ROI values were obtained from the system with 3 m panel row spacing with the optimum tilt angle of 21° as 0.915, 20.42%, and 91.57%, respectively, which is techno economically found to be the most feasible case.