In recent years, the rise of distributed generation, particularly those based on photovoltaic systems, has brought the electronic converter known as the photovoltaic inverter into the spotlight. This component’s primary role is to inject the active power produced by photovoltaic panels into the electrical grid. However, there’s potential for this converter to be further utilized to enhance the quality of electricity. To achieve this, photovoltaic inverters need to advance towards a concept referred to as multifunctionality. This multifunctionality encompasses not only active power injection but also active filter operation and reactive power compensation/injection. The introduction of these new functionalities could affect the lifespan of these devices. Consequently, this work proposes an assessment of the lifespan of these inverters to better gauge the impact of the multifunctional use of photovoltaic inverters.