(Jan 6): Longi Green Energy Technology Co will begin substituting base metals for silver in its solar cells, the latest move by the industry to mitigate the surging cost of using the precious metal.
Mass production using base metals is expected to start in the second quarter, which will help “further lower the costs of solar modules,” Longi said in a filing on Monday (Jan 5). The shift comes as manufacturers struggle with intense competition and steep losses. Record high silver prices, fuelled by strong haven demand amid geopolitical tensions, and interest-rate cuts by the Federal Reserve, have only accelerated the process.
Other Chinese solar manufacturers taking a similar approach include Jinko Solar C, which said in December that it could achieve large-scale output of panels this year that use base metals such as copper. Shanghai Aiko Solar Energy Co, a smaller rival, has already launched production of silver-free solar cells, with initial capacity of 6.5 gigawatts.
In October, silver prices trading in the US$50-an-ounce range translated to more than 17% of the per-watt price of solar modules, up from 12% two months previously and 3% in 2023, according to BloombergNEF. Since then, prices have risen to the mid-US$70s.
Unlike most of its rivals, Longi produces back-contact solar cells, which generate more power from the same amount of sunlight. Although they hold a smaller share of the market compared with the more mainstream TOPCon technology, it’s easier to replace silver with base metals in BC cells, Longi said in May.
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