We have studied the effects of Ag on the characteristics of Sn60Pb40Agx (wt%) solder for photovoltaic ribbon. Ag atoms in the solder formed an alloy phase of Ag3Sn after reacting with some part of Sn atoms, while they did not react with Pb atoms, but decreased the mean size of Pb solid phase. The enhancement of peel strength between solar cell and ribbon is an important part in the developments of long-lifespan solar module. The peel strength of the solder ribbon of Sn60Pb40 (wt%) was 169 N/mm2, and it was largely enhanced by adding a small amount of Ag atoms. The maximum peel strength was 295 N/mm2 in the solder ribbon of Sn60Pb40Ag2 (wt%). This result is caused by the high binding energy of 162.9 kJ/mol between Ag atoms in the solder and Ag atoms in Ag sheet.