Silicon heterojunction (SHJ) solar cell technology is an attractive technology for large-scale production of solar cells with a high conversion efficiency beyond 24%. One key element of SHJ solar cells, contrasting with today’s widespread passivated emitter and rear contact (PERC) cell technology, is the use of transparent conductive oxide (TCO), which poses challenges in performance and costs but also presents opportunities. This paper discusses these aspects and shows the potential for improving cell efficiency at reduced cost by using new TCOs deposited by direct current (DC) sputtering.