The correlation between cathode work function and open-circuit voltages (Voc) in inverted polycarbazole:fullerene (PCDTBT:PC70BM) bulk-heterojunction solar cells has been investigated by postannealing of indium tin oxide (ITO) electrodes. The ITO function is seen to change from 4.2 to 4.5 eV without the need to insert additional interfacial layers with annealing temperature up to 400 °C. The best device performance was obtained at room temperature with the ITO work function of 4.2 eV with a Voc of 0.89 eV, a Jsc of 8.06 mA·cm-2, a fill factor (FF) of 64.70%, and a power conversion efficiency of 4.62%. Together with previously published results, we are able to extract two regimes of Voc dependence on the cathode work function: first, a linea...