For directed development of solar cells using nanomaterials such as quantum dots, there is a need to understand the device function in detail. Understanding where photovoltage is generated in a device and where energy losses occur is a key aspect of this, and development of methods which can provide this information is needed. We have previously shown that time-resolved photoelectron spectroscopy of core levels can be used to follow the photovoltage dynamics at a specific interface of a lead sulfide quantum dot solar cell. Here, we use the method's selectivity and sample design to investigate the photovoltage generation in different parts of this solar cell and determine how the different layers (including the absorber layer thickness) contribute to charge separation. We show that all layers contribute to photovoltage generation and that a gold contact deposited on the quantum dots is necessary for full photovoltage generation and slow charge recombination. By combining the information obtained, we are able to experimentally follow the time evolution of the solar cell band structure during the charge separation process. Furthermore, we can identify which specific layers need to be optimized for an overall improvement of quantum dot cells. In the future, this methodology can be applied to other types of devices to provide insights into photovoltage generation mechanisms.