Third generation photovoltaics

Abstract We review recent progress towards increasing solar cell efficiencies beyond the Shockley‐Queisser efficiency limit. Four main approaches are highlighted: multi‐junction cells, intermediate‐band cells, hot carrier cells and spectrum conversion. Multi‐junction cells use multiple solar cells that selectively absorb different regions of the solar spectrum. Intermediate‐band cells use one junction with multiple bandgaps to increase efficiencies. Hot‐carrier cells convert the excess energy of above‐bandgap photons into electrical energy. Spectrum conversion solar cells convert the incoming polychromatic sunlight into a narrower distribution of photons suited to the bandgap of the solar cell.