There is likely some component inside the sensor that deteriorates due to the UV or electricity itself, or the lens. What, exactly, I don't think many of us know.
I don't believe there is any real "recalibration" per say, they just replace the sensor and send you a new one.
They would need some form of a reprogrammable controller chip inside the unit to store a calibration and drift table, and I am unsure if it even has one but doesn't seem like it. Even if it's the lens that's soldered too. Probably one of those $10 units they charge $300 for....case in point the FARS board - has connectors, 2 resistors, and a diode. Costs maybe a quarter to make. And they charge you $40.
I had mine out in strong Arizona sun for about 2 and a half years before I started to notice degradation. It just depends bud, some see many years some see as little as a year. Davis actually recommends sending it in for recalibration every year (or is it two? Someone correct me...).
But either way, having another on hand for quick change outs if you are a weather buff or interested in always sending correct data to CWOP, is a good idea.
Also, I believe I posted the cost (email from Davis) on sending in just the sensors. I dunno if it's less than a full system refurb.