Fundamentals of PV efficiency interpreted by a two-level model

We consider the physics of photovoltaic (PV) energy conversion in a two-level, atomic PV and explain the conditions for which the Carnot efficiency is reached and how it can be exceeded. The loss mechanisms—thermalization, angle entropy, and below-bandgap transmission—explain the gap between Carnot efficiency and the Shockley-Queisser limit. Techniques developed to reduce these losses (e.g., solar concentrators, tandem cells, etc.) are reinterpreted using a simple two-level model. Remarkably, this simple model captures the essence of PV operation and reproduces the key results and important insights that that have been previously obtained using more complicated derivations.