The strong appreciation of silver throughout 2025 and early 2026 has put pressure on costs in the photovoltaic industry and accelerated the adoption of technologies that reduce dependence on the metal.
According to data from LSEG (London Stock Exchange Group), the price of silver rose approximately 147% in 2025, reaching a record high of US$121,64 per troy ounce in January 2026, driven by restricted physical supply and strong investor demand. Subsequently, the price fell back to approximately US$77 per ounce, still at a high level in historical terms.
In the United States, for example, the silver used in the manufacture of Photo-voltaic cells It has increased from about US$5,22 per 450W module in early 2025 to approximately US$17,65, according to Ben Damiani, chief technology officer of renewable energy company Cherry Street Energy.
Currently, the photovoltaic sector consumes approximately 196 million troy ounces of silver per year, equivalent to about 17% of global demand for the metal. With silver trading near US$2,5 million per metric ton, solar equipment manufacturers are increasing investments to reduce this dependence.
In this context, copper, priced at US$12.823 per ton, about 0,5% of the value of silver, presents a significant economic advantage and opens up opportunities for relevant reductions in production costs.
According to estimates by Cherry Street Energy, a complete replacement of silver-based metallization with copper could generate savings of approximately US$15 billion per year for the global industry, considering an annual production of around 500 GW. solar energy.
Although this substitution has been studied for years, the recent surge in prices has accelerated its commercial adoption. Companies in the sector are already announcing technological advances aimed at reducing the use of precious metals.
According to Marius Mordal Bakke, vice president of solar supply chain research at Rystad Energy, the industry is expected to undergo a significant transformation this year, with the increasing adoption of pure copper metallization or hybrid silver-copper pastes.
An example is the LONGi Green Energy Technology, one of the global manufacturers of photovoltaic modules, which announced its intention to begin mass production of technologies using cheaper metals between April and June 2026.
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