"Fermi level" is the term used to describe the top of the collection of electron energy levels at absolute zero temperature. This concept comes from Fermi-Dirac statistics. Electrons are fermions and by the Pauli exclusion principle cannot exist in identical energy states. So at absolute zero they pack into the lowest available energy states and build up a "Fermi sea" of electron energy states. The Fermi level is the surface of that sea at absolute zero where no electrons will have enough energy to rise above the surface. The concept of the Fermi energy is a crucially important concept for the understanding of the electrical and thermal properties of solids. Both ordinary electrical and thermal processes involve energies of a small fraction of an electron volt. But the Fermi energies of metals are on the order of electron volts. This implies that the vast majority of the electrons cannot receive energy from those processes because there are no available energy states for them to go to within a fraction of an electron volt of their present energy. Limited to a tiny depth of energy, these interactions are limited to "ripples on the Fermi sea".
At higher temperatures a certain fraction, characterized by the Fermi function, will exist above the Fermi level. The Fermi level plays an important role in the band theory of solids. In doped semiconductors, p-type and n-type, the Fermi level is shifted by the impurities, illustrated by their band gaps. The Fermi level is referred to as the electron chemical potential in other contexts.
In metals, the Fermi energy gives us information about the velocities of the electrons which participate in ordinary electrical conduction. The amount of energy which can be given to an electron in such conduction processes is on the order of micro-electron volts (see copper wire example), so only those electrons very close to the Fermi energy can participate. The Fermi velocity of these conduction electrons can be calculated from the Fermi energy.
This speed is a part of the microscopic Ohm's Law for electrical conduction. For a metal, the density of conduction electrons can be implied from the Fermi energy.
The Fermi energy also plays an important role in understanding the mystery of why electrons do not contribute significantly to the specific heat of solids at ordinary temperatures, while they are dominant contributors to thermal conductivity and electrical conductivity. Since only a tiny fraction of the electrons in a metal are within the thermal energy kT of the Fermi energy, they are "frozen out" of the heat capacity by the Pauli principle. At very low temperatures, the electron specific heat becomes significant.
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