This work shows the relationship between the morphology (studied by AFM) of an active bulk-heterojunction (BHJ) layer composed by MEH-PPV (poly(2-methoxy-5-(2-ethylhexyloxy)-1,4-phenylenevinylene) and PCBM ([6,6]-phenyl-C61-butyric acid methyl ester) and the respective photovoltaic figures of merit. It is observed that the most relevant parameter (influencing the efficiency) is the fill-factor (FF), as both the open circuit voltage and short circuit current are not significantly affected by the microscopic morphology. Different local conformation of the active films can change the FF from near 25% to more than 65%, having a strong impact in the efficiency. These results were modulated by an equivalent circuit. Serial and parallel resistances were related with the physical behavior of the organic cells. These were observed to have a direct relationship with the achieved morphology.