Solar panel production costs are skyrocketing due to silver: Silver now reflects a record 29% of total solar panel production costs. This marks a dramatic surge from 15% last year, as silver prices have more than tripled. By comparison, in 2024 and 2023, the proportion was 11% and 3%, respectively. As a result, silver has become the largest contributor to solar panel costs, exceeding aluminum, glass, and resins. Solar panel makers are raising prices and accelerating plans to substitute silver with cheaper materials like copper. Silver's historic rally is changing the economy.