Schemes are described to produce quasi-static charge separation, Terahertz radiation, and programmable magnetic field generation using linearly-polarized light in unbiased, transparent insulators. The methods exploit a recently-observed magneto-electric optical nonlinearity that produces intense magnetization in undoped, homogeneous dielectrics. Analysis reveals that strong magnetic effects can be induced at modest optical intensities even with incoherent light. Consequently, efficient solar power conversion is feasible without the semiconductor processing or electron-hole pair generation that is required in conventional photovoltaic cells. Additionally, conditions and techniques are described to generate intense THz radiation in unbiased substrates and large magnetic fields orientated transverse to the direction of propagation of light, without the need for any external permanent magnetic or electromagnetic apparatus.