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We studied the effect of post-deposition thermal annealing in the preparation of PbS quantum dot (QD) solar cells. We find an optimal annealing temperature that improves the power conversion efficiency by a factor of 1.5 for different sized QDs with bandgaps of 1.65 and 1.27 eV. We examined the onset of the photocurrent response and correlated that with domain grain growth and find that annealing the PbS QD array at 120 °C causes little change in the PbS QD size, bandgap, and open-circuit voltage and yet leads to an increase in the carrier transport as realized by an improved current response. We also find a decrease in the activation energy of a shallow trap, which also likely contributes to the improvement in the solar cell efficiency.