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Photovoltaic (PV) systems are a clean energy source that allows for power generation integration into electrical networks without destructive environmental effects. PV systems are usually integrated into electrical networks only to provide active power during the day, without taking full advantage of power electronics devices, which can compensate for the reactive power at any moment during their operation. These systems can also generate dynamic reactive power by means of voltage source converters, which are called PV-STATCOM devices. This paper presents a convex formulation for the optimal integration (placement and sizing) of PV-STATCOM devices in electrical distribution systems. The proposed model considers reducing the costs of the annual energy losses and installing PV-STATCOM devices. A convex formulation was obtained to transform the hyperbolic relation between the products of the voltage into a second-order constraint via relaxation. Two simulation cases in the two IEEE test systems (33- and 69-node) with radial and meshed topologies were implemented to demonstrate the effectiveness of the proposed mixed-integer convex model. The results show that PV-STATCOM devices reduce the annual cost of energy losses of electrical networks in a more significant proportion than PV systems alone.