The root cause of light- and elevated temperatureinduced degradation (LeTID) in multicrystalline silicon p-type passivated emitter and rear cell (PERC) devices is still unknown. Some researchers hypothesize that high temperature firing processes dissolve metal-rich precipitates which can then participate in LeTID. To address this hypothesis, synchrotronbased X-ray techniques, including fluorescence and absorption near-edge spectroscopy, are employed. In as-grown industrial material, we observe collocated copper- and nickel-rich precipitates, which persist after firing and are below the detection limit after phosphorous diffusion. We conclude that precipitates decrease in size due to the firing process and that this may result in an increase in bulk interstitial metal concentration. We further employ microphotoluminescence at a grain versus grain boundary to highlight similarities and possible differences in degradation and regeneration behavior.