A reliable model that can be used to estimate the electronic properties (i.e., the HOMO, LUMO, and band gap energies) of conjugated polymers would be a great tool for applications in organic electronics such as light‐emitting diodes, field‐effect transistors, and photovoltaic cells. Recently, poly(2,7‐carbazole) derivatives have shown promising results when used as an active donor layer in bulk heterojunction photovoltaic cells with power conversion efficiency exceeding 7%. By using a simple correlation between density functional theory (DFT) theoretical calculations performed on six model compounds (using the repeating unit) and experimental data from the six corresponding polymers, an accurate estimation of the HOMO energy level, the LUMO energy levels, and the band gap of several poly(2,7‐carbazole) derivatives was obtained. According to the theoretical data obtained for more than one hundred repeating units, fourteen new copolymers that can be used as p‐type materials in bulk heterojunction solar cells were selected and synthesized. Experimental data obtained from these materials were then used to refine the correlation between DFT and experimental data of poly(2,7‐carbazole) derivatives.