Exploration of alternatives for supplementing indium tin oxide electrode is currently trending due to scarcity of indium, leading to a steep increase in the cost of related optoelectronic components. Codoping of niobium (Nb) and fluorine (F) into SnO2 lattice as cationic and anionic dopants, respectively, is explored by spray deposition technique. A fixed 10 wt% F and varying Nb concentration from 0 to 5 wt% is incorporated into the SnO2 lattice. X‐ray diffraction reveals substitution of Nb and F into the SnO2 lattice without altering the structure. Optical transmittance is found to increase with Nb content up to 4% of Nb (77.59%), and it decreases thereafter. Scanning electron microscope and optical profiler imply a relatively smooth surface with sharp‐tipped particles which vary with Nb concentration. Sheet resistance decreases up to 3 wt% of Nb doping and increases thereafter. Contact angle measurement indicates that upon doping with Nb, the films turn hydrophilic. Among the deposited films, 4 wt% of Nb‐doped film shows the highest figure of merit of 5.01 × 10−3 Ω−1. The surface work function of the 4 wt% Nb‐doped SnO2 film is 4,687.85 meV. The optimal films are tested as electrodes in dye‐sensitized solar cells and are discussed in detail.