The electrical properties of Czochralski silicon (Cz-Si) p-type boron-doped bare wafers have been investigated after rapid thermal processing (RTP) with different peak temperatures. Treated wafers were exposed to light for various illumination times, and the effective carrier lifetime (τ eff) measured using the quasi-steady-state photoconductance (QSSPC) technique. τ eff values dropped after prolonged illumination exposure due to light-induced degradation (LID) related to electrical activation of boron–oxygen (BO) complexes, except in the sample treated with peak temperature of 785°C, for which the τ eff degradation was less pronounced. Also, a reduction was observed when using the 830°C peak temperature, an effect that was enhanced by alteration of the wafer morphology (roughness). Furthermore, the electrical resistivity presented good stability under light exposure as a function of temperature compared with reference wafers. Additionally, the optical absorption edge shifted to higher wavelength, leading to increased free-carrier absorption by treated wafers. Moreover, a theoretical model is used to understand the lifetime degradation and regeneration behavior as a function of illumination time. We conclude that RTP plays an important role in carrier lifetime regeneration for Cz-Si wafers via modification of optoelectronic and structural properties. The balance between an optimized RTP cycle and the rest of the solar cell elaboration process can overcome the negative effect of LID and contribute to achievement of higher solar cell efficiency and module performance.