A loss analysis is carried out for monocrystalline large-area p-type metal wrap through passivated emitter and rear cells (MWT-PERC) with thermal SiO2/SiNx surface passivation reaching a maximum conversion efficiency of 20.6%. Analytical and numerical device modelling identifies the most important loss mechanisms and allows for a separation of the different series resistance contributions and various short circuit current loss mechanisms. Based on the extracted data, an estimation of the possible maximum conversion efficiency for p-type MWT-PERC solar cells is given. (C) 2012 Elsevier B.V. All rights reserved.