For any given technology to be successful, its ability to compete with the other existing technologies is the key. Over the last five years, perovskite solar cells have entered the research spectrum with tremendous market prospects. These cells provide easy and low cost processability and are an efficient alternative to the existing solar cell technologies in the market. In this review article, we first go over the innovation and the scientific findings that have been going on in the field of perovskite solar cells (PSCs) and then present a short case study of perovskite solar cells based on their energy payback time. Our review aims to be comprehensive, considering the cost, the efficiency, and the stability of the PSCs. Later, we suggest areas for improvement in the field, and how the future might be shaped.