Unless you ignore energy sources from the environment you cannot exceed 100% efficiency. And that would be incorrect, applying that same standard to photovoltaic panels would result in infinite efficiency. That doesn't make any sense. Edit: Also, when you take heat/energy from a previous step in the process, you also need to account for the energy put into that previous step. In the end that will again be <100%.
As someone else already pointed out, this would be called Coefficient of Performance. Efficiency is clearly defined and cannot exceed 100% without breaking laws of physics. Call it "3.85 times more efficient than before" or something along those lines and it won't sound like a free energy claim.
> applying that same standard to photovoltaic panels would result in infinite efficiency
No it wouldn't. The equivalent for panels would be like... you want to run some number of watts through a diode, and you're using solar panels to collect this power. The diode happens to give off waste light. By aiming this light at your panels, you can recapture most of it back into electricity, and reuse it 2.85 more times.
As someone else already pointed out, this would be called Coefficient of Performance. Efficiency is clearly defined and cannot exceed 100% without breaking laws of physics. Call it "3.85 times more efficient than before" or something along those lines and it won't sound like a free energy claim.