Blends of nanocrystalline zinc oxide nanoparticles (nc-ZnO) and regioregular poly(3-hexylthiophene) (P3HT) processed from solution have been used to construct hybrid polymer-metal oxide bulk-heterojunction solar cells. Thermal annealing of the spin-cast films significantly improves the solar-energy conversion efficiency of these hybrid solar cells to similar to 0.9%. Photoluminescence and photoinduced absorption spectroscopy demonstrate that charge-carrier generation is not quantitative, because a fraction of P3HT appears not to be in contact with or in close proximity to ZnO. The coarse morphology of the films, also identified by tapping-mode atomic force microscopy, likely limits the device performance.