We investigate silicon nanohole arrays as light absorbing structures for solar photovoltaics via simulation. To obtain the same ultimate efficiency as a standard 300 microm crystalline silicon wafer, we find that nanohole arrays require twelve times less silicon by mass. Moreover, our calculations show that nanohole arrays have an efficiency superior to nanorod arrays for practical thicknesses. With well-established fabrication techniques, nanohole arrays have great potential for efficient solar photovoltaics.