"explained variance" of a projector

Hello, everyone; thank you for this platform.
I am using event-based epochs to calculate the projectors of a specific artifact.
After applying the projectors (two projectors: one for grad, one for mag), I still see the artifact on the sensor level.
The “explained_var” of my projectors are 0.12 (grad), and 0.21 (mag).
I read from the Projection class documentation that the “explained_var” is the “proportion of explained variance”. But what variance is the proposition explained? Importantly, How is it calculated?
And - what is considered a “good” explained_var? (=to show that this projector is associated with the artifact).
Thank you!

  • MNE version: 1.7.1