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As silver prices have soared over the past year, solar panel manufacturers are reportedly turning to alternatives to silver, a major raw material.
Reuters reported on the 19th (local time) that margins for solar panel manufacturers, particularly those already under pressure from China, were worsening due to soaring silver prices.
Silver prices soared 147% in the last year alone. Analysts say this is due to the overlapping demand for precious metals and investment with industrial demand.
Silver is also used as industrial materials such as solar panels and electronics. The photovoltaic sector accounts for about 17% of total silver demand, according to Reuters.
Silver prices, which soared sharply last year, reached an all-time high of $121.64 an ounce in January this year. Since then, it has fallen to around $77.
“Silver is the biggest factor in the increase in solar panel manufacturing costs,” Derek Schnee, senior consultant at solar company JK Renewables, told Reuters, adding that solar panel prices have risen 7% to 15% in the past 12 months.
Silver paste, a key material for photovoltaic panels, is known to account for 30% of solar cell costs.
“In the United States, the cost of silver paste per 450 watt module has risen to around $17.65 from around $5.22 at the beginning of last year,” said Ben Damiani, chief technology officer at U.S. renewable energy company Cherry Street Energy.
Copper is emerging as an alternative to silver. Copper prices are only about 0.5% of silver prices, which is considered to have a great cost reduction effect.
“As major manufacturers switch to pure copper metallization and silver-copper mixed pastes, changes are expected across the industry this year,” said Marius Mordal Bakke, vice president of solar supply chain research at Ristad Energy.
However, some experts say that silver is not easy to replace because it has higher electrical conductivity than copper, Reuters reported.
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