Photovoltaic (PV) plant failures have a significant influence on PV plant security, reliability, and energy balance. Energy losses produced by a PV plant are due to two large causes: failures and inefficiencies. Knowing the relative influence of energy losses due to failures and energy losses due to inefficiencies on the PV plant energy balance contribute to the optimization of its design, commissioning, and maintenance tasks. This paper estimates the failure rates, grouped by components, and the relative impact of the failures on the PV plant energy balance through real operation and maintenance follow-up data of 15 PV plants in Spain and Italy for 15 months. Results show that the influence of failures in energy losses of all analysed PV plants is low, reaching a maximum value of 0.96% of the net energy yield. Solar field energy losses only represent 4.26% of all failure energy losses. On the other hand, energy losses due to inefficiencies have represented between 22.34% and 27.58% of the net energy yield.