Past research work on solar cell characterization show intensity modulation spectroscopy is a useful diagnostic tool to study the carrier generation, recombination and transports. Dloczik et al. undertake a frequency-dependent photocurrent response of dye-sensitized TiO2 cells [8]. Then, Franco , Peter, and Ponomarev make study the transport of photo-electrons in solar cells by intensity modulated photocurrent spectroscopy [9]. Later on, DiCarmine and Semenikhin study the mechanism and kinetics of carrier extraction of solar cells by intensity modulated photocurrent spectroscopy [10]. Recently, Kavasoglu et al. report the interaction of free carriers of solar cells by intensity modulation short circuit current spectroscopy [11].