Nanocomposites of poly(3-hexylthiophene) (P3HT) and nitrogen-doped carbon nanotubes (N-CNTs) have been synthesized by two methods; specifically, direct solution mixing and in situ polymerization. The nanocomposites were characterized by means of transmission electron microscopy (TEM), scanning electron microscopy (SEM), X-ray dispersive spectroscopy, UV-Vis spectrophotometry, photoluminescence spectrophotometry (PL), Fourier transform infrared spectroscopy (FTIR), Raman spectroscopy, thermogravimetric analysis, and dispersive surface energy analysis. The nanocomposites were used in the active layer of a bulk heterojunction organic solar cell with the composition ITO/PEDOT:PSS/P3HT:N-CNTS:PCBM/LiF/Al. TEM and SEM analysis showed that the polymer successfully wrapped the N-CNTs. FTIR results indicated good π-π interaction within the nanocomposite synthesized by in situ polymerization as opposed to samples made by direct solution mixing. Dispersive surface energies of the N-CNTs and nanocomposites supported the fact that polymer covered the N-CNTs well. J-V analysis show that good devices were formed from the two nanocomposites, however, the in situ polymerization nanocomposite showed better photovoltaic characteristics.