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This paper presents a device-level model of quantum dot (QD) solar cells, coupling the classical drift-diffusion equations for transport of bulk carriers with a set of rate equations describing the QD carrier dynamics. The model is applied to carry out a detailed study of the impact of thermal-assisted processes on the electrical performance of InAs/GaAs QD solar cells (QDSCs), by exploiting experimentally determined parameters for QD photogeneration and carrier kinetics. Special emphasis is given on the analysis of the open circuit voltage degradation, as well as its dependence on QD size and carrier lifetime. The modeling approach is validated by comparing simulated trends against experimental data in the literature.