This paper provides a review of methodologies for measuring the degradation rate, RD, of photovoltaic (PV) technologies, as reported in the literature. As presented in this paper, each method yields different results with varying uncertainty depending on the measuring equipment, the data qualification and filtering criteria, the performance metric and the statistical method of estimation of the trend. This imposes the risk of overestimating or underestimating the true degradation rate and, subsequently, the effective lifetime of a PV module/array/system and proves the need for defining a standardized methodology. Through a literature search, four major statistical analysis methods were recognized for calculating degradation rates: (1) Linear Regression (LR), (2) Classical Seasonal Decomposition (CSD), (3) AutoRegressive Integrated Moving Average (ARIMA) and, (4) LOcally wEighted Scatterplot Smoothing (LOESS), with LR being the most common. These analyses were applied on the following performance metrics: (1) electrical parameters from IV curves recorded under outdoor or simulated indoor conditions and corrected to STC, (2) regression models such as the Photovoltaics for Utility Scale Applications (PVUSA) and Sandia models, (3) normalized ratings such as Performance Ratio, RP, and PMPP/GI and, (4) scaled ratings such as PMPP/Pmax, PAC/Pmax and kWh/kWp. The degradation rate results have shown that the IV method produced the lowest RD and LR produced results with large variation and the largest uncertainty. The ARIMA and LOESS methods, albeit less popular, produced results with low variation and uncertainty and with good agreement between them. Most importantly, this review showed that the RD is not only technology and site dependent, but also methodology dependent