This paper presents an analysis of the power loss of a set of photovoltaic modules exposed for more than fifteen years to solar radiation and other environmental factors. The study covered modules installed in 1989 and concluded with modules installed in 2004 (to 2009). Many of them were located in places high above the sea level and with high values of ultraviolet radiation. It is known that this power loss is caused by various factors: loss of optical properties of the protective glass, loss of transmittance of the encapsulation material (EVA), increase in series resistance, decrease in shunt resistance as well as other factors not analyzed in this study. The contribution of each of these factors to the power loss is measured and discussed in this analysis.