A photovoltaic device including a rear electrode which may also function as a rear reflector. In certain example embodiments of this invention, the rear electrode includes a metallic based reflective film that is oxidation graded, so as to be more oxided closer to a rear substrate (e.g., glass substrate) supporting the electrode than at a location further from the rear substrate. In other words, the rear electrode is oxidation graded so as to be less oxided closer to a semiconductor absorber of the photovoltaic device than at a location further from the semiconductor absorber in certain example embodiments. In certain example embodiments, the interior surface of the rear substrate may optionally be textured so that the rear electrode deposited thereon is also textured so as to provide desirable electrical and reflective characteristics. In certain example embodiments, the rear electrode may be of or include Mo and/or MoOx, and may be sputter-deposited using a combination of MoOx and Mo sputtering targets.