A new type of cermet coating, with potential use as low-cost solar thermal absorber has been developed using spray pyrolysis. It consists of crystalline silver nanoparticles embedded in amorphous zirconia and was obtained by spraying aqueous precursor solutions onto aluminized carbon steel sheets at 200 °C. It was found that simultaneous spraying of silver and zirconium solutions led to a considerable reduction, in the nanometer range, of silver particle size distribution. Hence, we comparatively studied the cermet coatings obtained by A) sequentially or B) simultaneously spraying silver and zirconium solutions. For the latter case, a zirconia anti-reflection layer was sprayed on top. Both coating systems were studied by SEM, AFM, HRTEM/EDS and UV-VIS-IR spectroscopy with respect to silver particle size distribution. Optical parameters like solar absorptance (AM 1.5) and thermal emittance (373 K) were determined from absolute hemispherical reflectance, and a performance coefficient was calculated in order to evaluate the solar selectivity of the coatings. The comparison showed that smaller silver particles lead to an increase in solar selectivity and that the size reduction is due to an effective encapsulation by zirconia of the silver particles when spraying silver and zirconium precursors simultaneously. Furthermore, HRTEM confirmed the metallic and crystalline state of the silver nanoparticles embedded in amorphous zirconia.