Solar Photovoltaic (PV) systems typically convert solar irradiance into electricity, thereby helping to reduce the need for fossil fuels and the amount of greenhouse gases released. They provide a reliable and continuous renewable source of energy. However, PV systems are continuously exposed to diverse and changing environmental conditions, such as temperature, humidity, dust, and rain. Exposure to such conditions creates electrical and visible faults in the PV systems. These faults may reduce the PV system’s performance, reliability, and lifetime. In this regard, this paper aims to propose a framework/methodology for reliability modeling and assessment of large-scale grid-connected PV systems using a Fault Tree Analysis (FTA) approach. Specifically, an exhaustive literature survey is carried out to acquire the failure rates of different components/faults existing on the DC side of the PV system. Then, the Fussel-Vesely (F-V) importance measure is employed to identify critical faults and their criticality ranking. Results showed that solder bond failure, broken cell, broken interconnect (finger interruption), rack structure, grounding/lightning protection system, delamination, discoloration, and partial shading are the most critical faults which severely degrade the performance of the PV systems. The recommendations and scope for further study are provided to optimize operations and maintenance costs.