For some PEC cells, % εef f(photo) = Jp[Eo rev (1.23)− |Eapp|] × 100/(Io) this is used whereas it is reported for some electrochemical photovoltaic cells as η=((FF Voc Isc))/((Pin A )) X 100. which one is correct?
For the solar cell particulary silicon solar cell the photoconversion efficiency is given by dividing of the electric power (Pelc) getten with the solar cell by the power (Pinc) of the incident light : η=Pelc/Pinc. Differents compulations of this formula can permit to get the secund formula that you given. But for the first formula I do not give some explanation. You can then visit +http://www.pveducation.org/pvcdrom/manufacturing/types-of-silicon or consult the book "PHYSIQUE DES SEMICONDUCTEURS ET DES COMPOSANTS
ÉLECTRONIQUES Cours et exercices corrigés" of H. Mathieu.
I would be interested in seeing the source of your formulae and the exact definitions of the variables. The first appears to attempt to calculate the efficiency from some physical properties of the cell (where does the 1.23 come from? It looks like the reduction voltage for hydrogen, but that's a voltage and it's multiplied by another voltage, which doesn't look correct. So I must be wrong!). The second seems to calculate the efficiency from properties measured at (?) maximum power point. However it will be hard to use because you need the Fill Factor for that cell which will depend on the level of insolation, which isn't stated. (The lower the insolation, in general, the higher the fill factor.)