Different data pipelines and statistical methods are applied to photovoltaic (PV) performance datasets to quantify the performance loss rate (PLR). Since the real values of PLR are unknown, a variety of unvalidated values are reported. As such, the PV industry commonly assumes PLR based on statistically extracted ranges from the literature. However, the accuracy and uncertainty of PLR depend on several parameters including seasonality, local climatic conditions, and the response of a particular PV technology. In addition, the specific data pipeline and statistical method used affect the accuracy and uncertainty. To provide insights, a framework of (≈200 million) synthetic simulations of PV performance datasets using data from different climates is developed. Time series with known PLR and data quality are synthesized, and large parametric studies are conducted to examine the accuracy and uncertainty of different statistical approaches over the contiguous US, with an emphasis on the publicly available and “standardized” library, RdTools. In the results, it is confirmed that PLRs from RdTools are unbiased on average, but the accuracy and uncertainty of individual PLR estimates vary with climate zone, data quality, PV technology, and choice of analysis workflow. Best practices and improvement recommendations based on the findings of this study are provided.