A connection is made between the luminescence or radiative recombination in an absorber material and the current voltage characteristics of a quantum converter of light. A relationship between luminescence and voltage is derived, using detailed balance and the chemical potential of the excitation, which is similar to that obtained using the techniques of Shockley and Queisser or R. T. Ross. This model relates the absorptivity and photoluminescence efficiency of the light absorber to the I V curve. In this way both thermodynamic properties, or voltage, and the kinetics, or charge transfer and current, can be combined in order to optimize materials and configurations. The model is applied to dye sensitized Ti02 solar cells, and compared with preliminary experimental data for Ru based charge transfer dyes and inorganic compounds. The luminescence model is found to be applicable to dye sensitized converters, as well as to standard silicon solar cells, light detectors, and LEDs.