How is that different than power conversion efficiency?
Photoelectric efficiency is the power of the light falling on the cell
divided by the energy output of the cell. It is seldom more than 20%.
There are several reasons for this - first, not all quanta are absorbed,
some are reflected.
Second, some of the quanta which are absorbed do not create
electron/hole pairs, and some electrons and holes recombine before they
reach the cell's electrodes.
The proportion of quanta absorbed which produce electrons which reach
the electrodes is often called the quantum efficiency, though
technically the term is to mean the proportion of the quanta which fall
on the cell which produce electrons which reach the electrodes. It is
measured in electrons per photon.
Third, light falls on the cell in quanta with energies somewhere between
1.6eV (for red light) and 2.8 eV (for blue light). When a quantum is
absorbed, some will have high initial energy and some lower initial
energy, but the electrons they push out will all have the energy of the
bandgap when they leave the electrodes, and some energy is always lost here.
Fourth, the cell has some electrical resistance.
fifth ...
-- Peter Fairbrother