The performance and degradation of a 1 MWp utility-scale photovoltaic (PV) system located in the tropical semiarid climate of India is investigated based on four years of monitored data. The reference yield, final yield, system efficiency, capacity factor, and performance ratio are 4.64 h/day 6.23 h/day, 11%, 19.33%, and 74.73%, respectively, according to the standard IEC 61724. The performance is compared to other large-scale PV systems in different climate conditions. The degradation of the PV plant is quantified by using various statistical methods. These methods include the linear least-squares regression (LLS), the classical seasonal decomposition (CSD), the Holt-Winters seasonal model (HW), and the seasonal and trend decomposition using loess (STL). The degradation rate is estimated at 0.27%/year, 0.32%/year, 0.50%/year, and 0.27%/year, respectively, after 50 months operating period. The degradation accuracy analysis classifies the LLS and HW as lower accuracy methods (0.22%) than CSD (0.11%) and STL (0.15%). A comparison of the degradation of mono-Si PV systems for various locations is performed using different statistical methods. This study contributes to the improvements in the knowledge of PV degradation in the Indian climate.