Solar power became one of the biggest stories in the silver market over the past decade. Every standard solar cell uses a little silver, and billions of cells add up to a large share of industrial demand. Recently, though, silver solar panel demand has started to fall. This guide explains how solar panels use silver, what the latest data shows, and why manufacturers are using less.
How solar panels use silver
Most solar cells are made from silicon. When light hits the cell, it frees electrons. To collect that electricity, manufacturers print thin lines of conductive silver paste onto the cell surface. These fine lines, called fingers, and the wider strips, called busbars, carry the current out of the cell.
Silver is used because it conducts electricity better than any other metal. It also bonds well to the cell and resists corrosion. However, it is expensive, so the industry has strong reasons to use as little as possible.
Silver solar panel demand in the data
| Measure | Figure | Source |
|---|---|---|
| Solar (PV) silver demand, 2025 | 186.6 million oz, down 6% | World Silver Survey 2026, via SilverTrade |
| Reason for 2025 decline | Thrifting and substitution | World Silver Survey 2026, via SilverTrade |
| 2026 outlook | A further, marked slowdown in PV offtake | World Silver Survey 2026, via Mexico Business News |
| Share of US silver use, 2025 | 15% for photovoltaics | USGS Mineral Commodity Summaries 2026 |
For context, solar demand had grown strongly before 2025. Mining Visuals, summarising earlier Silver Institute data, reported that PV silver demand rose an estimated 139% between 2016 and 2025.
Why solar silver demand is falling
Thrifting. Manufacturers keep finding ways to print thinner lines and use less paste per cell. Each small reduction, repeated across billions of cells, cuts total demand.
Substitution. Some producers are replacing part of the silver with cheaper metals, especially copper. For example, copper-based pastes or silver-coated copper can reduce silver use, although they can bring technical trade-offs.
High prices. Both trends speed up when silver is expensive. In 2025, with average prices up sharply, manufacturers had even more reason to cut silver content, according to the survey.
What this means for the silver market
Solar installations may keep growing even as silver use per panel falls. So total solar demand for silver depends on two moving parts: how many panels are made, and how much silver each one uses. In 2025, lower silver use per panel won out.
This matters because solar is a large slice of industrial demand. Industrial demand overall fell 3% in 2025, mainly because of solar, as our guide to silver industrial demand explains. For the market as a whole, see our guide to silver supply and demand.
Frequently asked questions
How much silver do solar panels use?
Globally, the solar industry used about 186.6 million ounces of silver in 2025, according to the World Silver Survey 2026. The amount per panel keeps falling.
Why do solar panels need silver?
Silver paste forms the conductive lines that carry electricity out of each solar cell. Silver is the best electrical conductor of all metals.
Is solar demand for silver growing?
It grew strongly for years, but it fell 6% in 2025 and was forecast to slow further in 2026.
Can copper replace silver in solar panels?
Partly. Some manufacturers use copper-based alternatives to cut silver use, though these can involve technical trade-offs.
Sources
- SilverTrade: The Silver Institute releases 2026 World Silver Survey (April 15, 2026)
- Mexico Business News: World Silver Survey 2026 (May 18, 2026)
- Mining Visuals: Silver industrial demand, 2016–2025
- USGS: Mineral Commodity Summaries 2026, Silver (February 2026)
This article is general information, not financial advice. Survey figures are estimates and may be revised. Forecasts may not come true.
Written and reviewed by the SilverPriceCharts.com editorial team. Sources are linked above.