The potential of using InAs quantum dots, epitaxially grown on a Si substrate, as an optical modulator have been investigated. By exploiting the quantum-confined Stark effect across the quantum dot layers we were able to increase the absorption in the dot layers at a chosen wavelength. This resulted in the first demonstration of an extinction ratio of 5.1 dB at 1310 nm with a reverse bias of 20 V. Higher extinction ratios of 8.6 dB at 7 V and 21.6 dB at 20 V bias were observed at a wavelength of 1355 nm.