A system and method of utilizing redeployable insulted self-ballasted photovoltaic modules comprises an insulative panel removeably attached to a substrate such as a roof, wall or other structure. A photovoltaic module is attached to the insulative panel. The insulative panel has tongue and groove attachment ends to fit a plurality of panels together. In one embodiment, an elastomeric coating is applied to the surface of the insulative panel to attach the photovoltaic module and to weatherproof the surface. In another embodiment, adhesives are used to attach the modules. A structural panel may be used to enhance performance. In one embodiment, a corrugated channel panel is used to circulate a fluid like water through the channels to cool the photovoltaic panels and or heat water. Various raceways and associated wiring is installed to complete the system. An elastomeric coating may be used to enhance the weatherability of the system.