Solar Photovoltaic water pumping systems are the latest technologies with availability of solar insulation and enough underground water sources combined together to pumping water from underground which provided cleans drinking water for off-grid rural area. The Feasibility study to replacing the existing diesel water pumping by photovoltaic water pumping system based on economic analysis was conducted using PVsyst 6.73 software for Gallessa village with the input parameters were solar radiation data was obtained from NASA meteorological agency website and the PVsyst software online meteorological data. To replace the existing Diesel water pumping it required 26 and 36 units of modules for both without battery coupled (Direct Coupled PV system by using submersible pump) at investment cost 39,669.95$ at 6.6years payback period and for battery coupled (AC-mullity stage Centrifugal pump) PV water pumping system at investment cost 50,030.26$ at 8.3years payback period and, similarly 7181.22$ for the exits diesel water pump respectively. Finally the Financial comparisons for whole were conducted based on life cycle cost and life cycle saving method. For both direct and alternative solar Photovoltaic water pumping system taken assumed 20 years life span, 1% for maintenance cost each year and 5% salvage value from total Capital cost respectively and for Diesel system assumed 10 years life span, 10% maintenance cost each year and 20% salvage value. Based on these assumptions the life cycle cost were 46,670.44$, 61,666.32$ and 176,209.5$ for system without battery coupled, with battery coupled solar PV water pumping and for diesel generator water pumping system respectively.