There is provided a coated article (e.g., solar cell) that includes an improved anti-reflection (AR) coating. This AR coating functions to reduce reflection of light from the light incident glass substrate, thereby allowing more light within the solar spectrum to pass through the incident glass substrate and reach the photovoltaic semiconductor so that the solar cell can be more efficient. In certain example embodiments of this invention, the AR coating may be of or include a composite of a metal fluoride(s) and silica (SiO.sub.2). The metal may be Mg, Ca, or the like, in certain example embodiments of this invention. Thus, in certain example embodiments of this invention, the AR coating may be of or include a composite of (a) MgF.sub.2 and/or CaF.sub.2, and (b) silica.