This document presents a unified characterization model for photovoltaic (PV) system performance. The model aims to accurately represent both expected and observed system performance using a single model structure. The model separates losses into two types - operational losses impacting all intervals (e.g. inverter efficiency) and event-based losses impacting discrete intervals (e.g. shading). The model development involves 6 steps: 1) determining nominal power, 2) removing event-based losses, 3) characterizing operational performance, 4) applying the operational model to all intervals, 5) determining final modeled performance, and 6) comparing modeled to observed performance. The unified model allows direct comparison of predictive modeling and operational performance, with applications for