This study introduces a new outdoor accelerated testing method called “Field Accelerated Stress Testing (FAST)” for photovoltaic (PV) modules performed at two different climatic sites in Arizona (hot-dry) and Florida (hot-humid). FAST is a combined accelerated test methodology that simultaneously accounts for all the field-specific stresses and accelerates only key stresses, such as temperature, to forecast the failure modes by 2- 7 times in advance depending on the activation energy of the degradation mechanism (i.e., 10th year reliability issues can potentially be predicted in the 2nd year itself for an acceleration factor of 5). In this outdoor combined accelerated stress study, the temperatures of test modules were increased (by 16-19℃ compared to control modules) using thermal insulations on the back of the modules. All other conditions (ambient temperature, humidity, natural sunlight, wind speed, wind direction, and tilt angle) were left constant for both test modules (with back thermal insulation) and control modules (without thermal insulation). In this study, a total of sixteen 4-cell modules with two different construction types (glass/glass [GG] and glass/backsheet [GB]) and two different encapsulant types (ethylene vinyl acetate [EVA] and polyolefin elastomer [POE]), were investigated at both sites with eight modules at each site (four insulated and four non-insulated modules at each site). All the modules were extensively characterized before installation in the field and after field exposure over two years. The methods used for characterizing the devices included I-V (current-voltage curves), EL (electroluminescence), UVF (ultraviolet fluorescence), and reflectance. The key findings of this study are: i) the GG modules tend to operate at a higher temperature (1-3℃) than the GB modules at both sites of Arizona and Florida (a lower lifetime is expected for GG modules compared to GB modules); ii) the GG modules tend to experience a higher level of encapsulant discoloration and grid finger degradation than the GB modules at both sites (a higher level of the degradation rate is expected in GG modules compared to GB modules); and, iii) the EVA-based modules tend to have a higher level of discoloration and finger degradation compared to the POE-based modules at both sites.