We study the effects of departures from equilibrium on the radiative losses of the accelerating fast, coronal hole-associated solar wind plasma. We calculate the evolution of the ionic charge states in the solar wind with the Michigan Ionization Code and use them to determine the radiative losses along the wind trajectory. We use the velocity, electron temperature, and electron density predicted by Cranmer et al. as a benchmark case even though our approach and conclusions are more broadly valid. We compare non-equilibrium radiative losses to values calculated assuming ionization equilibrium at the local temperature, and we find that differences are smaller than 20% in the corona but reach a factor of three in the upper chromosphere and transition region. Non-equilibrium radiative losses are systematically larger than the equilibrium values, so that non-equilibrium wind plasma radiates more efficiently in the transition region. Comparing the magnitude of the dominant energy terms in the Cranmer et al. model, we find that wind-induced departures from equilibrium are of the same magnitude as the differences between radiative losses and conduction in the energy equation. We investigate which ions are most responsible for such effects, finding that carbon and oxygen are the main source of departures from equilibrium. We conclude that non-equilibrium effects on the wind energy equation are significant and recommend that they are included in theoretical models of the solar wind, at least for carbon and oxygen.