We correlate carrier recombination via charge transfer excitons (CTEs) with the short circuit current, Jsc, in polymer/fullerene solar cells. Near infrared photoluminescence spectroscopy of CTE in three blends differing for the fullerene acceptor, gives unique insights into solar cell characteristics. The energetic position of the CTE is directly correlated with the open-circuit voltage, Voc, and more important Jsc decreases with increasing CTE emission intensity. CTE emission intensity is discussed from the perspective of blend morphology. The work points out the fundamental role of CTE recombination and how optical spectroscopy can be used to derive information on solar cell performances.