The multifunctional operation of photovoltaic (PV) inverters (M-PVI) providing ancillary services to the grid has been widely studied in the literature in the last years. The provision of reactive power by the inverters can be used for grid voltage regulation, support during faults and to regulate the installation power factor (PF). However, the capability of the M-PVI to control reactive power depends on the converter current limits. Therefore, the correct sizing of the M-PVI is a key step in the design for this operation. This paper aims to determine the minimum inverter rated power when applied to regulate the installation PF considering a real load mission profile as a case study. Additionally, the trade-off between the reactive power provision and the effects on the lifetime of the PV inverter components will be carried out using Monte Carlo simulations.