The world is moving forward to a transition in the form of increasing the contribution of renewable energy sources in the energy sector, and among these, solar photovoltaic-based power generation is catching pace. Several factors are responsible for the lowering of outputs due to different degradation causes such as hotspots, corrosion, humidity, ultraviolet (UV) irradiation, temperature effects, dust, aging, weathering, yellowing, snail trails, discoloration, junction box failure, delamination, cracks, and faults from the solar photovoltaic (PV) plants. This paper presents a comprehensive review of the various form of degradation and their implications on solar PV power plant performance. The review has been carried out considering the different degradation causes and their identification methods in solar PV plant. Further, the analysis has been done on the basis of the earlier studies to understand the rates of degradation for various solar PV power plants in various climatic conditions. The PV technologies used in solar power plants are also responsible for the change in the performance of power plants over time; therefore, degradation based on different solar PV cell technologies is also analyzed. The visual inspection tools like thermal imaging with IR cameras help identify areas with abnormal heat patterns, indicating potential issues like cell or interconnect failures, loose electrical connections, or bypass diode malfunctions while EL cameras are used to identify low-level electrical excitation and defects such as cracks, hotspots, and cell-level degradation.