Emerging photovoltaic (PV) technologies have a potential to address the shortcomings of today’s energy market which heavily depends on the use of fossil fuels for electricity generation. We created inventories that offer insights into the environmental impacts and cost of all the materials used in emerging PV technologies, including perovskites, polymers, Cu2ZnSnS4 (CZTS), carbon nanotubes (CNT), and quantum dots. The results show that the CO2 emissions associated with the absorber layers are much less than the CO2 emissions associated with the contact and charge selective layers. The CdS (charge selective layer) and ITO (contact layer) have the highest environmental impacts compared to Al2O3, CuI, CuSCN, MoO3, NiO, poly (3-hexylthiophene-2,5-diyl (P3HT)), phenyl-C61-butyric acid methyl ester (PCBM), poly polystyrene sulfonate (PEDOT:PSS), SnO2, spiro-OMeTAD, and TiO2 (charge selective layers) and Al, Ag, Cu, FTO, Mo, ZnO:In, and ZnO/ZnO:Al (contact layers). The cost assessments show that the organic materials, such as polymer absorbers, CNT, P3HT and spiro-OMeTAD, are the most expensive materials. Inorganic materials would be more preferable to lower the cost of solar cells. All the remaining materials have a potential to be used in the commercial PV market. Finally, we analyzed the cost of PV materials based on their material intensity and CO2 emissions, and concluded that the perovskite absorber will be the most eco-efficient material that has the lowest cost and CO2 emissions.