In this paper, we report the effective minority carrier lifetime (τeff) in fresh and potential-induced degradation (PID) acceleration tested p-type single-crystalline Si modules. τeff in different regions of solar cells was measured using the microwave photoconductance decay (μPCD) method. Electroluminescence (EL), lock-in-thermography, and dark and light current–voltage (I–V) measurements were carried out as a complementary analysis of μPCD. In addition, τeff in every stage of Si solar cell fabrication (wafer to solar cell) was measured to investigate the change of carrier dynamics. From the obtained results, a great decrease in τeff was observed in the PID-affected regions, confirming the excess non-radiative recombination centers in that region, suggesting that τeff from the μ-PCD method can be an effective indicator to judge whether PID phenomenon has occurred.