The crucial role of non-radiative energy transfer mechanism, Forster Resonance Energy Transfer (FRET), competing with Localized Surface Plasmon Resonance (LSPR) mediated charge transfer in influencing the performance efficiency of dye sensitized solar cell has been discussed in this investigation. LSPR enhances the light harvesting efficiency of the dye but FRET (TiO2 - Ag) acts as a loss mechanism in the cell performance. Bio-inspired silver colloids were incorporated into the TiO2 photoanode with dip coating for 30, 60 and 120 min. The 30 min dipped Ag-TiO2 photoanode solar cell showed an improved efficiency of 6.69% as compared to 4.85% of bare TiO2 photoanode. Higher dipping time reduces efficiency of the cell by dominating FRET over LSPR effects. The magnitude TiO2-Ag, Ag-dye and dye-TiO2 interfaces can be controlled by changing the dipping time to get the benefits of LSPR and to revoke FRET in a DSSC structure for high performance efficiency.