Posted by Chong Ming Wong on 03 Oct 2023

Limited Time Promotion for Silver

Surging Silver Demand for New Solar Panels

Image: A graph plotting cost of Solar Modules to the amount of energy generated.

Solar energy growth has exploded in the past decade. According to the International Energy Agency, the solar industry's share of global electricity production surged from just 0.15% in 2010 to 4.5% today.

This exceptional growth has been enabled by plummeting solar module costs per watt, which have fallen nearly 99.8% since 1975 and 25% this year alone. For utility-scale installations, solar is now the most cost-effective electricity source in most markets, freeing countries from dependence on imported fossil fuels.

However, both proponents and critics have been caught off guard this year as solar adoption greatly outpaces even the most optimistic projections.

The IEA now forecasts 440 GW of new solar installations in 2023 alone, nearly quadruple 2020 levels when 115 GW of solar panels required around 98 million troy ounces of silver. To meet 2023 demand, as much as 370 million ounces of silver might be required, representing as much as 38% of new global silver supplies.

In addition, the amount of silver required per panel is also starting to increase as more efficient panel technologies like TOPCon cells will require up to 20% more silver paste per panel.

Silver Deficits Growing

With the net silver available being recorded as a 22% deficit in 2022, rapidly expanding solar photovoltaic (PV) applications risk tightening silver inventories further.

While dramatic warnings may be premature, it would be prudent to take advantage of current low silver prices before the solar industry’s unchecked expansion uses up more of the available supply.

October Promo

With over 650,000 silver ounces in ready inventory and 14 million troy ounces stored for clients, Silver Bullion is one of the few dealers in the world that provides LBMA Good Delivery silver bars and we do so at some of the lowest premiums, USD 60 cents over spot.

Image: October promotion

Presenting our limited time promotional bars for October 2023:

  • 100 oz Silver Bars for just USD 0.90/oz over spot (64% off the premium over spot)
  • 1000 oz Silver Bars for only USD 0.60/oz over spot (40% off the premium over spot)

Act now to lock in this special pricing before month-end or when supplies run out. Call us at +65 6100 3040 or visit our website.