A method for fabrication of highly transparent platinum counter electrodes (CEs) has been developed based on spray coating of Pt nanoparticles (NPs) on hot substrates. This method leads to 86% reduction in Pt consumption reducing the Pt cost per peak watt of counter electrode from $0.79/Wp down to $0.11/Wp compared to the conventional Pt counter electrodes made by sputter deposition. The simplicity and low cost of this method provide a basis for an up-scalable fabrication process. The Pt NP layer is over 88% transparent, leading to overall transparency of 80% when incorporated with indium tin oxide/glass substrates for functional counter electrodes. This counter electrode exhibits a large surface area and high catalytic activity, comparable to that of the conventional opaque CEs. Semi-transparent dye-sensitized solar cells fabricated based on this counter electrode showed 6.17% power conversion efficiency. (C) 2014 Elsevier B.V. All rights reserved.