Peak efficiency: The peak efficiency represents the highest efficiency that the inverter can achieve. Most grid-tie inverters on the market as of July 2009 have peak efficiencies of over 94%, some as high as 96%. The energy lost during inversion is for the most part converted into heat. Consequently, in order for an inverter to output its rated power it will require a power input that exceeds its output. For example, a 5000 W inverter operating at full power at 95% efficiency will require an input of 5,263 W (rated power divided by efficiency). Inverters that are capable of producing power at different AC voltages may have different efficiencies associated with each voltage.