CsSn0.5Ge0.5I3 perovskite is reportedly highly stable in ambient open‐air, lead‐free, and has excellent optoelectrical properties. We simulated an inverted p‐i‐n solar cell device based on this mixed SnGe perovskite utilizing the reported optical and electrical characteristics of the CsSn0.5Ge0.5I3. We put this theoretical device under various recombination regimes to explore the performance ceiling of the CsSn0.5Ge0.5I3. An optimized configuration of CsSn0.5Ge0.5I3‐based perovskite solar cell showed an efficiency of 29% under the impact of only intrinsic recombination losses such as radiative (with radiative recombination coefficient of 10‐11) and Auger recombination (recombination coefficient of 10‐27). When extrinsic factors are considered, such as resistance losses (series resistance as high as 2 Ωcm2 and shunt resistance as low as 1000 Ωcm2), efficiency decreases to 27.5%. The efficiency is 20% when trap‐assisted Schockey Read Hall SRH recombination are considered with voltage loss (VLoss) of 0.5V. Similarly, VLoss = 0.6V in VOC restricts device efficiency to 15%. Finally, an efficiency waterfall chart summarized the CsSn0.5Ge0.5I3, efficiency under different extrinsic losses, and the performance loss analysis, providing an optimal design. The results summarized here are expected to be helpful and prompt experimentalists to fabricate this stable lead‐free perovskite solar cell.This article is protected by copyright. All rights reserved.