Shared Photovoltaic (PV) business models enable a broader percentage of consumers to benefit from renewable energy because installation and transaction costs are significantly decreased. Designing these shared and community-based business models can contribute to help countries achieve emission reduction targets, particularly in developing countries. A systematization in different categories of how these business models can improve the awareness of opportunities and barriers to such models, including the identification of potential models is yet to be explored in a specific market. This paper proposes such categorization and discusses different shared PV business models observed in this sector, discussing the main similarities and differences of each one based on the CANVAS business model methodology. Further, this paper analyzes these categories in terms of how the decrease in transaction costs from the consumers’ perspective would help to deliver value. Finally, we demonstrate the proposed categorization to existing models in Brazilian and Indian markets, defining which business model categories are more adherent to this market. Moreover, we discuss possible innovative models yet to be applied to these developing countries and barriers to be overcome. It was identified that major existing business models are feasible for both India and Brazil, however, regulatory hindrances needs to be addressed beforehand.