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Solar Power Boom Increases Silver Prices

A hot solar energy market is pushing up silver demand (The Wall Street Journal, subscription).

What’s going on: “Silver is integral to the production of solar photovoltaic—or solar PV—panels because of its high electrical conductivity, thermal efficiency and optical reflectivity, and mining companies are aiming to boost output as prices for the precious metal have climbed to decade highs.”

  • Worldwide investment in PV manufacturing more than doubled in 2023, to approximately $80 billion. That’s about 40% of global investment in renewable-energy technology manufacturing.
  • Also in 2023, global capacity for renewables rose by 50% to almost 510 gigawatts, the fastest pace of growth in 30 years.
  • Demand for silver—which sits at around $27.50 an ounce—is set to rise by almost 170% by 2030.

Why it’s important: If silver prices continue as predicted, solar PV panel manufacturers “could be forced to raise their own prices” later this year, the chief executive of French solar panel maker Recom Technologies told the Journal.

  • “However, higher module prices will not affect the demand for them, as we are currently experiencing relatively low price levels.”

Looking to incorporate solar and other renewable energy sources into your operations? Contact the experts at NAM Energy to work on a custom energy management plan for your business to boost resiliency and efficiency.

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