The global photovoltaic (PV) industry has been developing rapidly in recent years. We have to face the dilemma of waste PV modules at the end of their life. It is important for government to construct recycling system to collect waste PV modules in the future. This paper analyses the three recycling models under Extended Producer Responsibility (EPR) from the perspective of reverse supply chain. The Government Subsidy is taken into account in the recycling model as an incentive factor. This paper examines the level of the PV producer’s recycling responsibility which is expressed by the recycling proportion of producers. The results show that there are some general rules about recycling responsibility by comparing the results of different models. What’s more, a coordinating way is designed in mixed recycling model within a certain recycling scale range in order to cut down the producer’s recycling cost. Our research shows that the coordinating way is a great method with practical value when it is difficult for the government to implement a complete EPR system.