SILVER LINING

14th July 2023

SILVER LINING

Changes to solar panel technology are accelerating demand for silver, which is used in a paste form to provide a conductive layer on the front and the back of silicon solar cells. Bloomberg reports that more efficient versions of cells use a lot more of the metal, which is set to boost already-increasing consumption. Solar is still a fairly small part of overall silver demand, but it’s growing. It’s forecast to make up 14% of consumption this year, up from around 5% in 2014, according to a report from The Silver Institute. Much of the growth is coming from China, which is on track to install more panels this year than the entire total in the US.