We present a facile procedure to fabricate p-type PbSe-based quantum dot solids with mobilities as large as 0.3 cm2 V–1 s–1. Upon partial ligand exchange of oleate-capped PbSe quantum dots with the methoxide ion, we observe a pronounced red shift in the excitonic transition in conjunction with a large increase in conductivity. We show that there is little correlation between these two phenomena and that the electronic coupling energy in PbSe quantum dot solids is much smaller than often assumed. However, we observe for the first time a nonmonotonic size dependence of the hole mobility, illustrating that coupling can nonetheless be dominant in determining the transport characteristics. We attribute these effects to a decrease in charging energy and interparticle spacing, leading to enhanced electronic coupling on one hand and enhanced dipole interactions on the other hand, which is held responsible for the majority of the red shift.