The continuous thin film of silver (Ag) film is important for semitransparent electrodes in polymer solar cells, while the Ag atoms form as non-continuous below a critical thickness. Here, semitransparent inverted polymer solar cells were fabricated using thermally evaporated Ag/germanium (Ge)/Ag as highly transparent electrodes. An ultra-thin Ge film was introduced to modify the growth mode of Ag. The dependence of the device performance and the thickness of the outer Ag film was investigated. Ag/Ge/Ag electrodes exhibited excellent optical and electrical properties, which were proved by the transmittance and reflectance spectra. A champion efficiency of 5.1% was achieved with an open-circuit voltage level of 0.703 V, a short current density of 11.63 mA/cm2, and a fill factor of 63%. The average visible transmittance (300–800 nm) of devices with Ag/Ge/Ag was calculated as 25%.