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The All India Survey of Photovoltaic Module Reliability 2014 is an enhanced version of the survey conducted in the previous year, with detailed characterization of PV modules including current-voltage, infrared and electroluminescence imaging, visual inspection, insulation resistance test and interconnect breakage test. More than a thousand modules were inspected in the field and the main results of the survey are presented in this paper. The average P max degradation rate for the so-called 'good' modules (Group X) is 1.33%/year which is higher than that commonly projected by manufacturers, and widely employed in financial calculations. Modules falling in the 'not-so-good' category (Group Y) show even higher degradation rates, and it is at least partly due to higher number of micro-cracks in the modules, and increased degradation of the packaging materials like encapsulant, backsheet, etc. Modules in 'Hot' climates degrade faster than modules in the 'Non-Hot' climates. Degradation in fill factor is the primary cause for performance degradation in the young modules (ages <5 years), whereas short-circuit current degradation is the main contributor to power degradation in the older modules. Small installations (<100 kW p capacity) show higher degradation than large systems, which may be partly due to lack of proper due diligence by the owner at the time of procurement and installation.