Abstract The charge transport and photogeneration in solar cells based on the low bandgap‐conjugated polymer, poly[2,6‐(4,4‐bis‐(2‐ethylhexyl)‐4 H ‐cyclopenta[2,1‐b; 3,4‐b′]dithiophene)‐ alt ‐4,7‐(2,1,3‐benzothiadiazole)] (PCPDTBT) and fullerenes is studied. The efficiency of the solar cells is limited by a relatively low fill factor, which contradicts the observed good and balanced charge transport in these blends. Intensity dependent measurements display a recombination limited photocurrent, characterized by a square root dependence on effective applied voltage, a linear dependence on light intensity and a constant saturation voltage. Numerical simulations show that the origin of the recombination limited photocurrent stems from the short lifetime of the bound electron‐hole pairs at the donor/acceptor interface.