Battery degradation is a complex physicochemical process that strongly depends on operating conditions. We present a model-based analysis of lithium-ion battery degradation in a stationary photovoltaic battery system. We use a multi-scale multi-physics model of a graphite/lithium iron phosphate (LiFePO4, LFP) cell including solid electrolyte interphase (SEI) formation. The cell-level model is dynamically coupled to a system-level model consisting of photovoltaics (PV), inverter, load, grid interaction, and energy management system, fed with historic weather data. Simulations are carried out for two load scenarios, a single-family house and an office tract, over annual operation cycles with one-minute time resolution. As key result, we show that the charging process causes a peak in degradation rate due to electrochemical charge overpotentials. The main drivers for cell ageing are therefore not only a high state of charge (SOC), but the charging process leading towards high SOC. We also show that the load situation not only influences system parameters like self-sufficiency and self-consumption, but also has a significant impact on battery ageing. We assess reduced charge cut-off voltage as ageing mitigation strategy.