The use of transition metal oxides for the selective carrier contact in the crystalline silicon solar cells technology is rising to interest for the excellent optoelectrical properties of these materials whose implementation, however, can result in lousy performing cells due to an S-shaped electrical characteristic. In this paper, we fabricated solar cells showing S-shaped J-V curve and carried out an analysis of the reasons of such behavior using a model involving the series of a standard cell equivalent circuit with a Schottky junction in order to explain these atypical performances. A good matching between the experimental measurements and the adopted theoretical model was obtained. The extracted parameters are listed and analyzed to shade light on the reasons behind the low-performance cells.