Energy harvesting from flowing fluids using flapping wings and fluttering aeroelastic structures has recently gained significant research attention as a possible alternative to traditional rotary turbines, especially at and below the centimeter scale. One promising approach uses an aeroelastic flutter instability to drive limit cycle oscillations of a flexible piezoelectric energy harvesting structure. Such a system is well suited to miniaturization and could be used to create self-powered wireless sensors wherever ambient flows are available. In this paper, we examine modeling of the aerodynamic forces, power extraction, and efficiency of such a flapping wing energy harvester at a low Reynolds number on the order of 1000. Two modeling approaches are considered, a quasi-steady method generalized from existing models of insect flight and a modified model that includes terms to account to the effects of dynamic stall. The modified model is shown to provide better agreement with CFD simulations of a flapping energy harvester.