This paper evaluates whether there is empirical evidence to support the hypothesis that solar variability is linked to the Earth's climate through the modulation of atmospheric precipitation processes. Using global data from 1979–1999, we find evidence of a statistically strong relationship between cosmic ray flux (CRF), precipitation (P) and precipitation efficiency (PE) over ocean surfaces at mid to high latitudes. Both P and PE are shown to vary by 7–9% during the solar cycle of the 1980s over the latitude band 45–90°S. Alternative explanations of the variation in these atmospheric parameters by changes in tropospheric aerosol content and ENSO show poorer statistical relationships with P and PE. Variations in P and PE potentially caused by changes in CRF have implications for the understanding of cloud and water vapour feedbacks.