In recent years,considerable efforts have been done to study silicon, germanium, and silicon/germanium slabs, nanocrystals, and nanowires for optoelectronics and photovoltaic solar energy applications. These zero- one- and two-dimensional systems, with sizes ranging from few to some tenths of nanometers, show unique electronic, optical, and transport properties that are intrinsically associated with their low dimensionality and to the quantum confinement effect. The possibility of understanding the microscopic properties of these systems and modulating their characteristics by doping and passivation can open new perspectives in the development of new, advanced, photovoltaics and optoelectronics devices. In this talk, we will discuss ab-initio theoretical results obtained by our group in the study of electronic, optical, and transport properties of silicon, germanium, and silicon/germanium low dimensional systems. The role played by size, passivation, and doping will be discussed. Moreover, we will show how the interaction between different nanostructures is a promising route to foster the establishment of third-generation photovoltaics.