Devices for converting solar energy to electrical energy are not considerably efficient, though there are abundant renewable solar energy sources. Therefore there is a continuous call for investigation of new devices that are efficient and eco-friendly thereby contributing to harvested energy technology. This thesis characterizes the optical constant (refractive index) of a novel material, cobalt oxide-antimony doped tin oxide (CoO-ATO). Thin film of CoO-ATO is generated using spin coating of CoO-ATO solution having 76.33% chloroform, 13.47% polystyrene, 10% antimony doped tin oxide and 0.2% cobalt oxide by weight. The thin film is analyzed through ellipsometry to acquire the refractive index of the material through the visible spectrum, which is used for modeling an antireflective coating in a solar cell. The model is designed and analyzed by simulation using computer simulated technology, and the results of the analysis of a thin film or a nanofiber membrane of the novel material implemented as an antireflective coating layer that affects the absorption efficiency of the optoelectronic device. The result of the analysis showed enhancement of absorption efficiency within the visible spectrum for both thin film and nanofiber membrane of the novel material CoO-ATO. The absorption through thin film was more than that of the nanofiber membrane.