Through the Stille coupling polymerization, a series of soluble acceptor/donor quinoxaline/thiophene alternating conducting polymers with a hole‐transporting moiety of carbazole as a side chain (PCPQT) has been designed, synthesized, and investigated. The UV–vis measurement of the charge‐transferred type PCPQTs of different molecular weights with low polydispersity exhibits a red shifting of their absorption maximum from 530 to 630 nm with increasing chain length (Mn: from 1100 to 19,200). The HOMO and LUMO energy levels of PCPQT can be determined from the cyclic voltammetry measurement to be −5.36 and −3.59 eV, respectively. Solar cells made from PCPQT/PCBM bulk heterojunction show a high open‐circuit voltage, Voc of ∼0.75 V, which is significantly higher than that of a solar cell made from conventional poly(3‐hexyl thiophene)/PCBM as the active polymer PCPQT has lower HOMO level. Further improvements are anticipated through a rational design of the new low band‐gap and the structurally two‐dimensional donor–acceptor conducting polymers. © 2010 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 48: 1607–1616, 2010