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LONGi Green Energy Technology Co. will begin using base metals instead of silver in its solar cells, marking a major shift as surging prices of the precious metal increase cost pressure on manufacturers already struggling with intense competition and deep losses.
The mass production of solar products using base metals is expected to start in the second quarter, which will help “further lower the costs of solar modules,” the company said in a filing on Monday, without elaborating further.
The solar industry has been pushing for less use of silver in its products. Record high silver prices, fueled by strong safe-haven demand amid geopolitical tensions and interest rate cuts by the Federal Reserve, have only accelerated the process. According to BloombergNEF, silver has accounted for 14% of solar module production costs, up from 5% two years ago.
Unlike most of its rivals, the Chinese company produces back-contact solar cells, a technology that generates more power from the same amount of sunlight. Although they hold a smaller share of the market compared with the more mainstream TopCon approach, it’s easier to replace silver with base metals in BC cells, the company said in May. The cost could be cut by 0.02 yuan per watt, according to the company.
Longi further said in the Monday filing that the company will focus on the domestic market, as well as Europe, the US and Australia, for its new energy storage business.
Read More: Solar manufacturers shun silver use as metal’s price surges
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The mass production of solar products using base metals is expected to start in the second quarter, it said.
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