Float-zone (FZ) silicon is usually assumed to be bulk defect-lean and stable. However, recent studies have revealed that detrimental defects can be thermally activated in FZ silicon wafers and lead to a reduction of carrier lifetime by up to two orders of magnitude. A robust methodology which combines different characterization techniques and passivation schemes is used to provide new insight into the origin of degradation of 1 Ω·cm n-type phosphorus doped FZ silicon (with nitrogen doping during growth) after annealing at 500 °C. Carrier lifetime and photoluminescence experiments are first performed with temporary room temperature surface passivation which minimizes lifetime changes which can occur during passivation processes involving thermal treatments. Temperature- and injection-dependent lifetime spectroscopy is then performed with a more stable passivation scheme, with the same samples finally being studied by deep level transient spectroscopy (DLTS). Although five defect levels are found with DLTS, detailed analysis of injection-dependent lifetime data reveals that the most detrimental defect levels could arise from just two independent single-level defects or from one two-level defect. The defect parameters for these two possible scenarios are extracted and discussed.\ud