Yes, whatever is under the solar panels gets less sunlight. There are even some companies starting to lay solar panels directly on the ground, which means it gets none at all.
I don't think it's all that hard to take that into account, though; it's a land use concern. What was the land being used for before?
Also, the terawatts of power generated will get converted to heat in developed areas where it's used, but that's true of any electricity use.