A test method that measures the current-voltage I-V curve of a photovoltaic (PV) cell or module in real time is presented as a means of characterizing and understanding the inherently variable nature of performance under field conditions. Temperature, incident light intensity, orientation to the light source, incident spectrum, the uniformity of illumination, as well as a diverse set of failure mechanisms, both catastrophic and otherwise, have characteristic effects on the I-V curve. Seeing the I-V curve change dynamically with these influences allows visual correlation to real-time events. With a live I-V curve generated by performing forward and reversed bias sweeps repeatedly, the effect of parasitic inductance and bias sweep rate on the measurement can be demonstrated directly. This technique also ensures that the device junction is held in quasi-thermal equilibrium during the measurement. The relative alignment of optics in a concentrating photovoltaic module is analyzed to demonstrate the value of the live I-V curve.