Expeditious urbanization and rapid industrialization have significantly influenced the rise of energy demand globally in the past two decades. Solar energy is considered a vital energy source that addresses this demand in a cost-effective and environmentally friendly manner. Improving solar cell efficiency is considered a prerequisite to reinforcing silicon solar cells’ growth in the energy market. In this study, the influence of various parameters like the thickness of the absorber or wafer, doping concentration, bulk resistivity, lifetime, and doping levels of the emitter and back surface field, along with the surface recombination velocity (front and back) on solar cell efficiency was investigated using PC1D simulation software. Inferences from the results indicated that the bulk resistivity of 1 Ω·cm; bulk lifetime of 2 ms; emitter (n+) doping concentration of 1×1020 cm−3 and shallow back surface field doping concentration of 1×1018 cm−3; surface recombination velocity maintained in the range of 102 and 103 cm/s obtained a solar cell efficiency of 19%. The Simulation study presented in this article allows faster, simpler, and easier impact analysis of the design considerations on the Si solar cell wafer fabrications with increased performance.