The novel pi-conjugated polymer, poly[N-(3,4-bis(decyloxy)phenyl)carbazolyl-2,7-vinylene)-co-{2-methoxy-5-(2-ethylhexyloxy)-1,4-phenylenevinylene}] (PCzV-co-MEH-PPV) was synthesized by using the Gilch polymerization method and used for the fabrication efficient photovoltaic cells. Bulk heterojunction photovoltaic cells, ITO/PEDOT:PSS/polymer:PC61BM (1:3, 1:4, 1:5 and 1:6 wt/wt)/Ca/Al configurations, were fabricated by blending of the PCzV-co-MEH-PPV with the fullerene derivative [6,6]-phenyl C61 butyric acid methyl ester (PCBM) were found to have a power conversion efficiency of up to 1.33%, measured using an AM 1.5 G solar simulator at 100 mW/cm(2) light illumination.