A lost cost method for fabricating SOI substrates is provided. The method includes forming a stack of p-type doped amorphous Si-containing layers on a semiconductor region of a substrate by utilizing an evaporation deposition process. A solid phase recrystallization step is then performed to convert the amorphous Si-containing layers within the stack into a stack of p-type doped single crystalline Si-containing layers. After recrystallization, the single crystalline Si-containing layers are subjected to anodization and at least an oxidation step to form an SOI substrate. Solar cells and/or other semiconductor devices can be formed on the upper surface of the inventive SOI substrate.