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Wave energy harvesting could be a substantial renewable energy source without impact on the global climate and ecology, yet practical attempts have struggled with the problems of wear and catastrophic failure. An innovative technology for ocean wave energy harvesting was recently proposed, based on the use of soft capacitors. This study presents a realistic theoretical and numerical model for the quantitative characterization of this harvesting method. Parameter regions with optimal behavior are found, and novel material descriptors are determined, which dramatically simplify analysis. The characteristics of currently available materials are evaluated, and found to merit a very conservative estimate of 10 years for raw material cost recovery.