A low-frequency (460 kHz), low-pressure, thermally non-equilibrium, high-density inductively coupled plasma (ICP) has been used to synthesize a novel, advanced photovoltaic material suitable for fabrication of third-generation solar cells. Silicon quantum dots (SQDs) embedded in an amorphous silicon carbide matrix were prepared at a very low substrate temperature of approximately 200°C without any hydrogen dilution. The effect of the radio-frequency (RF) power of the plasma discharge on the morphology and structure of the embedded quantum dots was studied. A brief discussion on the possible mechanisms of the quantum dot formation in the ICP is presented. This study is relevant to third-generation photovoltaic solar cells.