Installing sustainable and renewable energy systems is a promising way of relieving Hong Kong’s dependence on imported fossil fuels. Solar photovoltaic (PV) technology is a perfect solution for Hong Kong as it fits the economic and geographic situation. Through a review of the PV development history of five leading PV countries, Germany, Japan, Italy, Mainland China, and the USA, this paper serves as a useful policy toolbox to aid PV development. Based on the forerunners’ successful PV industry experiences and Hong Kong’s unique local situations, a series of incentive strategies were proposed for Hong Kong to help promote the utilization of solar PV systems by reducing the initial investment and providing reasonable subsidies at the initial stages and during the operation period of the PV systems. These results could be a practical reference for promoting renewable energy applications for local policy-makers.