Polar solvents are substances that have a significant difference in electrical charge distribution, leading to a positive and negative end, or dipole moment. This property allows them to dissolve ionic and polar compounds effectively. Common examples of polar solvents include water, ethanol, and acetone. These solvents are essential in various chemical reactions and processes, as they can facilitate the interaction between solutes. Their ability to stabilize ions and polar molecules makes them crucial in fields like biochemistry and pharmaceuticals, where they help in the formulation of drugs and the study of biological systems.