A novel fullerene derivative, 1,1‐bis(4,4′‐dodecyloxyphenyl)‐(5,6) C61, diphenylmethanofullerene (DPM‐12), has been investigated as a possible electron acceptor in photovoltaic devices, in combination with two different conjugated polymers poly[2‐methoxy‐5‐(3′,7′‐dimethyloctyloxy)‐para‐phenylene vinylene] (OC1C10‐PPV) and poly[3‐hexyl thiophene‐2,5‐diyl] (P3HT). High open‐circuit voltages, VOC = 0.92 and 0.65 V, have been measured for OC1C10‐PPV:DPM‐12‐ and P3HT:DPM‐12‐based devices, respectively. In both cases, VOC is 100 mV above the values measured on devices using another routinely used fullerene acceptor, [6,6]‐phenyl‐C61 butyric acid methyl ester (PCBM). This is somewhat unexpected when taking into account the identical redox potentials of both acceptor materials at room temperature. The temperature‐dependent VOC reveals, however, the same effective bandgap (HOMOPolymer–LUMOFullerene; HOMO = highest occupied molecular orbital, LUMO = lowest unoccupied molecular orbital) of 1.15 and 0.9 eV for OC1C10‐PPV and P3HT, respectively, independent of the acceptor used. The higher VOC at room temperature is explained by different ideality factors in the dark‐diode characteristics. Under white‐light illumination (80 mW cm–2), photocurrent densities of 1.3 and 4.7 mA cm–2 have been obtained in the OC1C10‐PPV:DPM‐12‐ and P3HT:DPM‐12‐based devices, respectively. Temperature‐dependent current density versus voltage characteristics reveal a thermally activated (shallow trap recombination limited) photocurrent in the case of OC1C10‐PPV:DPM‐12, and a nearly temperature‐independent current density in P3HT:DPM‐12. The latter clearly indicates that charge carriers traverse the active layer without significant recombination, which is due to the higher hole‐mobility–lifetime product in P3HT. At the same time, the field‐effect electron mobility in pure DPM‐12 has been found to be μe = 2 × 10–4 cm2 V–1 s–1, that is, forty‐times lower than the one measured in PCBM (μe = 8 × 10–3 cm2 V–1 s–1).