spectrum featuring a marked excitonic resonance, the majority optical excitation in prototypical HP materials for photovoltaics are not bound excitons, but unbound charge carriers. Therefore, electrons and holes excited by solar light can be directed to the electrodes at a negligible energy cost, without the need to split tightly bound excitons as in organics. Taking advantage of the flexibility of the materials class, layered 2D HPs are obtained by inserting bulky organic cations into the formulation, leading to materials inherently more stable than their 3D counterparts against degradation. [8][9][10] However, in 2D HPs the exciton binding energy can be as large as 400 meV, [8] so that it is commonly assumed that their excited states are mostly excitons.A second peculiar characteristic of the excited states in perovskites is the formation of large polarons, that is, charge carriers coupled to lattice deformations and delocalized over many crystal lattice sites. [11][12][13][14][15][16][17][18][19][20] Unlike small polarons in organics, localized in a single molecule, large polarons are compatible with band transport, but are also able to screen the excited states from scattering with defects and reduce non-radiative recombination through trap states, resulting in large mobilities and long lifetimes. Large polarons are also believed to reduce scattering with phonons and have been proposed as an explanation for hot carriers persisting for several nanoseconds at temperatures significantly higher than the lattice one. [12,16,17,[21][22][23][24][25][26] Large polarons may therefore be the enabling microscopic mechanism for efficient solar cells, including innovative architectures that exploit photoconversion with hot carriers. [27,28] Theoretical estimations forecast that the energy associated with polaron formation is comparable with the binding energy gained by forming an exciton, maybe even larger in some materials. [12,14,24,[29][30][31][32] When do polarons form and whether excitons or polarons are the lowest-energy optical excitations is still an open question. The issue is particularly relevant for layered 2D HPs, where polaronic effects have been demonstrated, although it is not clear if small or large polarons are formed. [33][34][35][36][37] In spite of the large exciton binding energy, unbound charge carriers have been reported, so that it is not clear yet how much energy needs to be spent in solar cells to split bound excitons.