Multi‐bandgap, photonic energy conversion is under investigation for nearly every class of photovoltaic materials, with monolithic, series‐connected device structures being the preferred mode of implementation. For TPV energy conversion systems, such an approach represents the next wave in TPV converter advancement. In this paper, we focus on a rigorous analysis of series‐connected, multi‐bandgap, tandem (SCMBT) converter structures according to Kirchhoff’s circuit laws. A general formulation is presented, followed by an application of the general formulation to a typical, semi‐realistic model for well‐behaved, p‐n junction, photovoltaic devices. Using results generated from a computer code written in Visual Basic, we then present example calculations for SCMBT TPV converters with two subcells, for a TPV system utilizing a blackbody radiator operating at 954°C (1750°F). A comparison of the results obtained using the rigorous analysis, with those obtained by using the commonly adopted subcell‐photocurrent‐matching design rule, is discussed in detail. An output power density increase of ∼ 5% is realized in the solution determined by the rigorous analysis, as compared to that obtained with the subcell‐photocurrent‐matching rule. Additional interesting, non‐intuitive results are also highlighted.

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