A simplified free-energy model for radiation estimates the thermodynamic maximum for light-to-usable-energy conversion at approximately 74%, validated by reproducing the Shockley-Queisser limit of 33%.
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Spontaneous Emission, Free Energy, and Relaxation-Limited Processes in Setting Limits on Solar Energy Conversion Efficiency
A simplified free-energy model for radiation estimates the thermodynamic maximum for light-to-usable-energy conversion at approximately 74%, validated by reproducing the Shockley-Queisser limit of 33%.