Single and double junction solar cells with high open circuit voltage were fabricated using poly{thiophene-2,5-diyl-alt-[5,6-bis(dodecyloxy)benzo[c][1,2,5]thiadiazole]-4,7-diyl} (PBT-T1) blended with fullerene derivatives in different weight ratios. The role of fullerene loading on structural and morphological changes was investigated using atomic force microscopy (AFM) and X-ray diffraction (XRD). The XRD and AFM measurements showed that a higher fullerene mixing ratio led to breaking of inter-chain packing and hence resulted in smaller disordered polymer domains. When the PBT-T1:PC₆₀BM weight ratio was 1 : 1, the polymer retained its structural order; however, large aggregated domains formed, leading to poor device performance due to low fill factor and short circuit current density. When the ratio was increased to 1 : 2 and then 1 : 3, smaller amorphous domains were observed, which improved photovoltaic performance. The 1 : 2 blending ratio was optimal due to adequate charge transport pathways giving rise to moderate short circuit current density and fill factor. Adding 1,8-diiodooctane (DIO) additive into the 1 : 2 blend films further improved both the short circuit current density and fill factor, leading to an increased efficiency to 4.5% with PC₆₀BM and 5.65% with PC₇₀BM. These single junction solar cells exhibited a high open circuit voltage at ∼0.9 V. Photo-charge extraction by linearly increasing voltage (Photo-CELIV) measurements showed the highest charge carrier mobility in the 1 : 2 film among the three ratios, which was further enhanced by introducing the DIO. The Photo-CELIV measurements with varying delay times showed significantly higher extracted charge carrier density for cells processed with DIO. Tandem devices using P3HT:IC₆₀BA as bottom cell and PBT-T1:PC₆₀BM as top cell exhibited a high open circuit voltage of 1.62 V with 5.2% power conversion efficiency.