The photolysis wavelength dependence of the nitrate radical quantum yield for peroxyacetyl nitrate (CH3C(O)OONO2, PAN) is investigated. The wavelength range used in this work is between 289 and 312 nm, which mimics the overlap of the solar flux available in the atmosphere and PAN's absorption cross section. We find the nitrate radical quantum yield from PAN photolysis to be essentially invariant; Phi(PAN) (NO3) =0.30 +/- 0.07 ( +/- 2 sigma) in this region. The excited states involved in PAN photolysis are also investigated using ab initio, calculations. In addition to PAN, calculations on peroxy nitric acid (HOONO2, PNA) are performed to examine general photochemical properties of the -OONO2 chromophore. Equation of motion coupled cluster calculations (EOM-CCSD) are used to examine excited state energy gradients for the internal coordinates, oscillator strengths, and transition energies for the n -> pi* transitions responsible for the photolysis of both PNA and PAN. We find in both molecules, photodissociation of both O-O and O-N bonds occurs via excitation to predissociative electronic excited states and subsequent redistribution of that energy as opposed to directly dissociative excitations. Comparison and contrast between experimental and theoretical studies of HOONO2 and PAN photochemistry from this and other work provide unique insight on the photochemistry of these species in the atmosphere.