A high energy return on energy investment (EROI) of an energy production process is crucial to its long-term viability. The EROI of conventional thermal electricity from fossil fuels has been viewed as being much higher than those of renewable energy life-cycles, and specifically of photovoltaics (PVs). We show that this is largely a misconception fostered by the use of outdated data and, often, a lack of consistency among calculation methods. We hereby present a thorough review of the methodology, discuss methodological variations and present updated EROI values for a range of modern PV systems, in comparison to conventional fossil-fuel based electricity life-cycles.