This paper presents a detailed balance analysis of a solar thermophotovoltaic system comprising an optical concentrator, a cut-off broad band absorber and emitter, and single junction photovoltaic cells working at the radiative limit with an integrated back-side reflector in a configuration in which the cells enclose the emitter to form an optical cavity. The analysis includes the effect of multiple variables on the system performance (efficiency and electrical power density), such as the concentration factor, the emitter-to-absorber area ratio, the absorber and emitter cut-off energies, the semiconductor band-gap energy and the voltage of the cells. Furthermore, the effect of optical losses within the cavity such as those attributed to a back-side reflector with reflectivity lower than one or to a semi-open optical cavity is also included. One of our main conclusions is that for a planar system configuration (the emitter, the cells and the absorber have the same area) the combination of low concentration and a spectrally selective absorber provides the highest system efficiencies. The efficiency limit of this kind of systems is 45.3%, which exceeds the Shockley-Queisser limit of 40.8% (obtained for a single junction solar cell, directly illuminated by the sun, working under maximum concentration and with an optimized band-gap). This system also has the great benefit of requiring a very low concentration factor of 4.4 suns. (C) 2010 Elsevier By. All rights reserved.