[en] We report on the magnetic effects on the solar cell efficiency of TiO₂ based dye sensitized solar cells (DSSC). The strong spin orbit coupling of rare earth Ho³⁺ ions introduced by the addition of Ho₂O₃ into the photoanode resulted in a 13% enhancement in the power conversion efficiency of DSSC. Such an enhancement in the efficiency may be attributed to the improved lifetime of photo generated excitons as a result of the accelerated intersystem crossing phenomenon. This observation is supported by our photoluminescence (PL) measurements where we could observe a decrease in the photo emission intensity with the addition of Ho₂O₃. In addition, we have used a low magnetic field of 100 Oe to further enhance the overall efficiency to 6.06%, which in turn proves that the Lorentz force plays a significant role in magnetic field controlled charge transport in DSSC. Finally, we have carried out an electrochemical impedance measurement to determine the nature of charge transport within the devices. (author)