Rising silver prices reshape solar cell manufacturing in China

The article discusses the significant impact of rising silver prices, which reached $75 per ounce in early 2026, on China’s solar cell manufacturing industry. Silver is a critical material used in the metallization process of photovoltaic (PV) cells, where ultra-fine conductive grid lines are formed on silicon wafers to collect and transport electricity efficiently. These grid lines must balance conductivity, adhesion, minimal electrical loss, and cost. Silver has traditionally met these requirements due to its excellent conductivity and stable contact with silicon, but it also represents 30-50% of the non-silicon costs in a solar cell. The surge in silver prices has intensified concerns about the sustainability of relying on this precious metal, especially for Chinese manufacturers who produce about 80% of the world’s solar modules and operate on thin margins. Currently, the dominant metallization technology uses silver paste, a mixture of silver powder, glass frit, and binders, applied via screen printing and fired at high temperatures to form ohmic