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Absorption generates electrons and holes in the perovskite. After relaxation toward the band edges, their nonequilibrium populations are described by separate electron and hole quasi-Fermi levels. Selective contacts collect electrons through an electron-transport layer and holes through a hole-transport layer, while suppressing the opposite carriers.

For ideal contacts at open circuit,This quasi-Fermi-level splitting is not the band gap itself or simply the equilibrium built-in voltage. At equilibrium there is one common Fermi level and no extractable photovoltage. Under illumination at open circuit, generation is balanced by recombination while a nonzero population splitting persists.

Important parasitic paths include trap-assisted Shockley-Read-Hall recombination in the bulk, at grain boundaries and at interfaces, and recombination at poorly selective contacts. They lower the steady carrier populations and their quasi-Fermi splitting. Auger recombination can matter at high carrier densities but need not dominate an ordinary one-sun device. Radiative recombination is an unavoidable detailed-balance contribution, rather than an avoidable defect loss of the same kind.

An approximate illuminated diode relation isIncreased nonradiative recombination generally increases the dark recombination current and reduces $V_{\mathrm{OC}}$; it can also change ideality and fill factor. Shunts add a leakage path. Series resistance mainly reduces voltage under load and fill factor: its simple $I{R}_s$ drop vanishes at zero terminal current, so it should not be invoked as an automatic direct subtraction from open-circuit voltage.