A variety of measurement techniques including photothermal deflection spectroscopy (PDS), auger electron spectroscopy (AES), (sub–bandgap) external quantum efficiency (EQE), and impedance spectroscopy are applied to poly[N‐900‐hepta‐decanyl‐2,7‐carbazole‐alt‐5,5‐(40,70‐di‐2‐thienyl‐20,10,30‐benzothiadiazole (PCDTBT)/[6,6]‐phenyl C71 butyric acid methyl ester (PC71BM) films and devices to probe the stability under thermal annealing. Upon annealing, solar cell performance is drastically decreased for temperatures higher than 140 °C. Detailed investigation indicate changes in polymer:fullerene interactions resulting in the formation of a polymer wetting layer upon annealing at temperatures higher than 140 °C. Upon device completion this wetting layer is located close to the metal electrode and therefore leads to an increase in recombination and a decrease in charge carrier extraction, providing an explanation for the reduced fill factor (FF) and power conversion efficiency (PCE).