A significant challenge is to determine the specific services Battery Energy Storage System (BESS) should provide to maximize profits. This study investigates the most profitable markets and sizes of BESS with utility-scale solar Photovoltaics (PV) power plants using techno-economic analysis frameworks. The objective is to maximize profitability in energy and frequency markets, focusing on primary regulation and day-ahead markets for Sweden and Germany. The inputs are historical market prices and frequency data, as well as real measurement PV power data. The results show that adding a BESS to an existing PV park does not result in a lower payback period than if implementing a stand-alone BESS. However, the payback period differs between Sweden and Germany during 2023, i.e., being 1.8 and 6.8 years, respectively. This is explained by the lower frequency market prices for Germany compared to Sweden. The technical results indicate that the BESS energy capacity after 10 years of operation is approximately 83% for Germany, whereas, for Sweden, it is around 87%. Also, combining the operating of BESS on primary regulation and day-ahead markets showed a 6-year payback period with a slight increase in loss of energy capacity (from 83 to 80%) for Germany. Moreover, combining various PV-BESS sizes showed a discrepancy in economic and technical metrics for the BESS in Germany, resulting in a best-case of a 6-year payback period. A sensitivity analysis, which examines a drop in the frequency control prices in the future relative to 2023 (by 20% and 50% for Germany and Sweden, respectively), reveals an increase in the payback period for both countries by approximately 1 year.