Silver-saving efforts ramping up in solar industry, says Heraeus

Rising silver prices are putting pressure on solar manufacturers, prompting greater focus on copper and other alternatives to reduce costs. Heraeus says it expects silver demand from photovoltaics to decline this year despite stable global installations.

February 17, 2026 Sandra Enkhardt

Silver metallization paste

Rising silver prices are causing concern across much of the solar industry. In a recent report, Heraeus said that despite some recent declines, silver remains 187% higher than at the start of 2025.

Silver paste accounts for up to 30% of total solar cell costs, creating a difficult environment for manufacturers already facing overcapacity, falling module prices and squeezed margins. Companies are exploring alternative metallization technologies and other ways to reduce silver consumption.

Heraeus noted that cutting silver use is not straightforward. In 2011, when silver reached $50 per ounce, manufacturers intensified cost-cutting efforts and sought alternatives. Over the following three years, silver demand in photovoltaic applications fell by about 30%, even as global solar installations nearly doubled. Demand did not return to 2011 levels until 2016, by which time the global silver market had nearly tripled.

Photovoltaic manufacturers are increasingly evaluating copper as a substitute. Heraeus cautioned that technical challenges remain and that further reductions are harder to achieve, given the significant savings already made since 2011. Copper performs well in back-contact cells, which still represent a small share of the market. Using copper in conventional top-contact cells is more complex. Longi has announced plans to switch to copper-based metallization for mass production this year, while DK Electronic Materials is developing high-copper solutions. For large-scale top-contact manufacturers, silver-coated copper paste may offer the most viable path.

Heraeus estimates that silver demand in photovoltaics reached around 195 million ounces last year. With global PV installations projected to remain stable at about 655 GW, silver demand from the sector is expected to decline further as substitution efforts continue.

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