In this work, experimental photonic power converter (PPC) design, fabrication and characterization has been used, along with electrical and optical modeling, to study theoretical efficiency limits of monochromatic photovoltaic (PV) energy conversion due to photon recycling. The back-surface reflectance of a photovoltaic (PV) cell is known to strongly influence external radiative efficiency, a photon recycling metric (ERE), especially when reflectance is close to 100 %. Considering a perfect back reflector, an upper PV cell efficiency limit of 70.9 % and 85 % is calculated for 870.7 nm illumination at an intensity that would generate 32 mA/cm2 (1-sun) and 100 A/cm2 (3125-sun eq) photocurrent, respectively. However, when realistic non-idealities are introduced, ideal efficiency can drop by 21 % for both cases as long as the series resistivity for cells under high intensity illumination is limited to 1 mΩ cm^2. This presents a challenge for photonic energy conversion technology where high intensity lasers are typically used to deliver power to equipment from remote locations. This work discusses ways to provide reflectance enhancement while allowing sufficient current flow at the back surface. One way to do this is to use a planar transparent conductive oxide and reflective metal at the back surface. This work measures and compares the back-surface reflectance of IZO/Ag to standard reflective/conductive materials such as Au and Ag. A comparison between cells with the highest V_OC for cells processed with Au and IZO/Ag as reflective back contacts show that the V_OC for the IZO/Ag cell outperforms that of the Au cell by 6.6 mV measuring V_OC=1.071 V with a cell efficiency of 51.0 % at 780 nm LED illumination. Efficiency calculations extrapolated to other monochromatic light sources identified 841 nm as the optimal wavelength for the IZO/Ag cells with a projected efficiency of η_cell=55.5 % for incident intensity corresponding to 1-sun photocurrent. With the fill factors comparable between the cell types, at least at intensities near 1-sun equivalent photocurrent, the IZO/Ag reflective back contact design demonstrates benefits from photon recycling while not sacrificing voltage drop due to series resistance compared to cells with a standard Au back contact.