Solar power has been at the forefront of renewable energy solutions. With many adopting a completely solar lifestyle. Solar panels, therefore, are in high demand. Interestingly this, in turn, has increased the demand for silver, escalating the price of silver worldwide. The co-relation is simple; one of the most important components in the making of solar panels is silver. In fact, silver forms the core of the design.
Silver has the maximum thermal and electrical conductivity among all metals, which makes it solar friendly. With around 20g per panel which equates to around 6.1% of the total cost of the price of building each unit.
Researchers at Kent Business School, University of Kent, UK have set out to find out the causal effect between the rising cost of silver and the increasing demand for solar panels. In these dire earth hours, where solar energy has proven to be an excellent substitute, a shortage of its design can prove to be hazardous for the environment. The increasing cost of its core element stands a definite threat. This could dreadfully affect the production of solar panels unless the government interferes.
On one hand, the cost of installing solar panels could prove to be more expensive each day, on the other, finding cheaper but equally effective alternatives for silver could take a while longer, though studies are on the way to use aluminum and copper.
Energy credits or sales tax waivers to make them more cost-effective to encourage a transition to more renewable energy resources, by the government, could prove to be one of the fast track resolutions for this growing issue.