In HOMER, the converter component generally models any device that converts power from AC to DC (rectifying) and DC to AC (inverting). Some devices are bi-directional, meaning that it can convert power flowing in either direction, either AC to DC or vice versa.

Some systems will use two seperate devices: a rectifier for AC to DC conversion, and an inverter for DC to AC conversion. You can model these two seperate devices as one system converter component, with a cost equal to the sum of both components.

Many systems, however, contain a just a rectifier, or just an inverter, and not both. You can still model this case with the converter component.

Rectifier
Add a converter, and set the inverter efficiency to 0.01%. Specify the rest of the inputs with reference to your rectifier.

Inverter
Add a converter, and set the rectifier relative capacity to 0% (there is no need to change the rectifier efficiency). Se the rest of the inputs according to the specifications of your inverter.