The corrosion within photovoltaic (PV) systems has become a critical challenge to address, significantly affecting the efficiency of solar-to-electric energy conversion, longevity, and economic viability. This review provides a comprehensive analysis of electrochemical corrosion mechanisms affecting solar panels and environmental factors that accelerate material degradation, including (i) humidity, (ii) temperature fluctuations, (iii) ultraviolet radiation, and (iv) exposure to saline environments, leading to reduced performance and premature failures. The role of encapsulation materials, solder interconnections, and conductive coatings in the corrosion formation process is examined. Various electrochemical and surface characterization techniques provide insights into material degradation and corrosion mechanisms within panels. Essential parameters are presented and discussed, including materials used, geographical location of analysis, environmental considerations, and corrosion characterization techniques, to enhance the assessment of solar panels. This review emphasizes the importance of corrosion management for sustainable PV systems and proposes future research directions for developing more durable materials and advanced coatings.