In order to improve the efficiency of a solar cell based on silicon, one must find a compromise between its price and crystalline quality. That is precisely why the knowledge of defects present in the material is of primary importance. This paper studies the defects in commercially available cheap Schottky titanium/gold silicon wafers. The electrical properties of the diodes were defined by using current-voltage and capacitance-voltage measurements. Low series resistance and ideality factor are proofs of the good quality of the sample. The concentration of the acceptors is in accordance with the manufacturer's specifications. Deep level transient spectroscopy measurements were used to identify the defects. Three hole traps were found with activation energies equal to 0.093 eV, 0.379 eV, and 0.535 eV. Comparing the values with the available literature, the defects were determined as connected to the presence of iron interstitials in the silicon. The quality of the silicon wafer seems good enough to use it as a substrate for the solar cell heterojunctions.