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We report that a highly efficient optoelectronic conversion can be achieved by photogenerated space charges, which usually damp photocurrent. Theoretical analysis of metal-organic insulator-organic semiconductor-metal photocells indicates the generation of a large transient current that is triggered by photogenerated space charges and governed by the dielectric properties of the insulator layer. We experimentally demonstrated this mechanism with model photocells, revealing that the quantum efficiency can be dramatically increased by increasing the dielectric constant of the insulator.