We have demonstrated that pentafluoro phenoxy boron subphthalocyanine (F5BsubPc) can function as either an electron donor or an electron acceptor layer in a planar heterojunction organic photovolatic (PHJ OPV) cell. F5BsubPc was incorporated into devices with the configurations ITO/MoO3/F5BsubPc/C60/BCP/Al (F5BsubPc used as an electron-donor/hole-transport layer) and ITO/MoO3/Cl-BsubPc/F5BsubPc/BCP/Al (F5BsubPc used as an electron-acceptor/electron-transport layer). Each unoptimized device displayed open-circuit photopotentials (Voc) close to or in excess of 1 V and respectrable power conversion efficiencies. Ultraviolet photoelectron spectroscopy (UPS) was used to characterize the band-edge offset energies at the donor/acceptor junctions. HOMO and LUMO energy level offsets for the F5BsubPc/C60 heterojunction were determined to be ca. 0.6 eV and ca. 0.7 eV, respectively. Such offsets are clearly large enough to produce rectifying J/V responses, efficient exciton dissociation, and photocurrent production at the interface. For the Cl-BsubPc/F5BsubPc heterojunction, the estimated offset energies were found to be ca. 0.1 eV. However, reasonable photovoltaic activity was observed, with photocurrent production coming from both BsubPc species layers. Incident and absorbed photon power conversion efficiencies (IPCE and APCE) showed that photocurrent production qualitatively tracked the absorbance spectra of the donor/acceptor heterojunctions, with some additional photocurrent activity on the low energy side of the absorbance band. We suggest that photocurrent production at higher wavelengths may be a result of charge-transfer species at the donor/acceptor interface. Cascade photovoltaics were also fabricated to expand on the understanding of the role of F5BsubPc in such device architectures.