This article presents the analysis of degradation rate over 10 years (2008 to 2017) for six different photovoltaic (PV) sites located in the United Kingdom (mainly affected by cold weather conditions) and Australia (PV affected by hot weather conditions). The analysis of the degradation rate was carried out using the year-on-year (YOY) degradation technique. It was found that the degradation rate in the UK systems varies from −1.05% and −1.16%/year. Whereas a higher degradation ranging from −1.35% to −1.46%/year is observed for the PV systems installed in Australia. Additionally, it was found that in the Australian PV systems multiple faulty PV bypass diodes are present due to the rapid change in the ambient temperature and uneven solar irradiance levels influencing the PV modules. However, in cold weather conditions (such as in the Northern UK) none of the bypass diodes were damaged over the considered PV exposure period. Furthermore, the number of PV hot spots have also been observed, where it was found that in the UK-based PV systems the number of hot spotted PV modules are less than those found in the Australian systems. Finally, the analysis of the monthly performance ratio (PR) was calculated. It was found that the mean monthly PR is equal to 88.81% and 86.35% for PV systems installed in the UK and Australia, respectively.