Rising silver prices push panel makers toward copper-based technologies.

Solar Industry Accelerates Shift From Silver as Input Costs Surge.

The global solar industry is rapidly accelerating its shift away from silver as soaring prices significantly raise manufacturing costs and squeeze margins. Silver prices have rallied sharply over the past year, prompting panel makers to adopt cheaper base metals such as copper. “Silver is the greatest contributor to the increased cost of manufacturing solar panels,” said Derek Schnee of JK Renewables, noting module prices have risen 7–15% over the past 12 months. According to analysts at Heraeus, silver paste accounts for nearly 30% of total solar cell costs. The photovoltaic sector consumes around 17% of global silver demand. With silver trading near $2.5 million per metric tonne versus copper at about $12,800 per tonne, the cost gap has become unsustainable. China’s LONGi Green Energy Technology Co Ltd said it has made advances in copper-based metallisation and plans mass production in mid-2026. Industry-wide adoption of pure copper and hybrid silver-copper pastes is expected this year, said Marius Mordal Bakke of Rystad Energy, potentially delivering billions in annual savings for the solar sector.