[en] Perylene diimide (PDI) is a promising electron acceptor material for high open circuit voltage bulk heterojunction organic solar cells. However, many PDI molecules have the drawback of strong aggregation leading to intermolecular excited state formation that results in exciton trapping. These traps can effectively limit the diffusion of excitons to the interface where charge separation occurs and thus strongly reduce the charge generation efficiency. In this contribution we study the influence of substitution of PDI molecules with side groups attached to the terminal and to the perylene core positions on the formation of aggregates. In particular transient photoluminescence and absorption spectroscopy are used to probe the impact of aggregation on the dynamics of charge generation and recombination in bulk heterojunction solar cells. Besides, AFM, x-ray and solid state NMR techniques are used to get further insight into the solid state morphology of polymer: PDI blends on different length scales. Finally, we correlate the photophysical properties of the PDI derivatives with the efficiency of bulk heterojunction organic solar cells and present unprecedented efficiencies from polymer: PDI solar cells.