Photovoltaic (PV) modules' degradation behaviour, together with outdoor field condition and fault diagnostics, consist valuable data in evaluating efficiency and establishing long-term reliability of a PV system. However, since PV modules commonly come with 25 (even over) years of warranty, testing modules in field for that long period is not feasible. Thus, due to time constraints, many accelerated aging tests have been recently introduced for testing reliability and durability of PV modules. Scope of the presented study is the assessment of the performance degradation and fault (defect) propagation mechanisms with regard to three monocrystalline silicon (mc-Si) PV modules, through a specific thermal cycle accelerated ageing test. The parameters that were experimentally evaluated towards the accelerated ageing process of this study, were: i) the thermal signature evolution and/or propagation of any diagnosed defects, especially in two modules, by means of infrared (IR) thermographic measurements, ii) the overall performance degradation of each module, by means of electrical I-V measurements, together with iii) specific morphological characteristics, by means microscopy imaging. The intended study gave useful and promising results in assessing the effect of the applied thermal cycles upon the modules' thermal behaviour, electrical efficiency and morphology.