The tandem PV technology can potentially increase the efficiency of PV modules over 30%. To design efficient modules, a quantification of the different losses is important. Herein, a model for quantifying the energy loss mechanisms in PV systems under real‐world operating conditions with a level of detail back to the components and their fundamental properties is presented. Totally, 17 losses are defined and divided into four categories (fundamental, optical, electrical, and system losses). As example, a system based on a > 29% two‐terminal perovskite/silicon tandem cell is considered. The loss distribution at standard test conditions is compared to four geographical locations. The results show that the thermalization, reflection, and inverter losses increase by 1.2%, 1.1%, and 1.4%, respectively, when operating outdoors. Additionally, it is quantified how fill factor gains partly compensate the current mismatch losses. For example, a mismatch of 7.0% in photocurrent leads to a power mismatch of 1.2%. Therefore, the power mismatch should be used as indicator for mismatch losses instead of a current mismatch. Finally, herein, it is shown that solar tracking increases not only the in‐plane irradiance but also the efficiency of the tandem module.