In recent years, the phenomenon of the urban heat island caused by the rapid development of cities is very serious. To solve the problem of the urban heat island, this study proposed a PPP project consisting of the government (GOVT), photovoltaic investment company (PVIC), and residential customers (RS). Based on an evolutionary game model and combined with current policies and industry regulations in China, the evolution process and stable evolution strategies were studied. The result shows that more government subsidies, higher carbon trading prices, and feed-in tariffs will promote the development of the PPP project. For relatively suitable reference value ranges, the installation tilt angle of the BAPV system is 30°, the photovoltaic grid electricity price is 0.1096∼0.1296 $/kWh, the carbon trading is 8.92∼9.42 $/t.
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