XPOGEN · RECYCLER ANALYSIS
Silver in Solar Panels and What It Means for Recycling Value
Cell technology influences how much silver a module may contain. A buyer still needs a lot-specific grade, recovery assumption and actual settlement terms to evaluate what that material is worth.
Silver loading varies by cell technology
VDMA’s presentation on the ITRPV roadmap gives different 2024 silver-use figures at equal power for PERC, TOPCon and silicon heterojunction cells. One milligram per watt equals one gram per kilowatt.
These are cell-manufacturing figures at equal power. Estimating grams of incoming silver per tonne of waste modules requires information about the actual lot, including technology and module mass. Source VDMA / ITRPV 16th edition presentation, slide 15.
How much incoming silver covers recurring costs in the model?
In CEEW’s chemical recycling scenario, recurring costs are ₹49,067 per tonne, including ₹27,300 for module procurement. Modelled revenue from non-silver materials totals ₹32,473 per tonne. Silver therefore needs to cover a ₹16,594 per tonne gap. We hold those values and the model’s 74% silver recovery fixed and change the silver price.
| Input or result | CEEW price case | 22 Oct 2026 IBJA case |
|---|---|---|
| Silver price per kg | ₹95,775 | ₹1,99,777 |
| Incoming grade for recurring cost break-even | 234.1 g/t | 112.2 g/t |
| Balance at 100 g/t | −₹9,507 | −₹1,811 |
| Balance at 150 g/t | −₹5,963 | ₹5,581 |
| Balance at 250 g/t | ₹1,124 | ₹20,365 |
Calculation. Multiply incoming silver in g/t by 0.74 and the silver price in ₹/kg, then divide by 1,000. Subtract ₹16,594/t to get the recurring-cost balance. For example, at 150 g/t the model gives −₹5,963/t or ₹5,581/t depending on the price input.
What to ask before pricing a lot
Record module make and model, cell technology where known, rated power, verified weight and condition. Where the value warrants it, seek a representative assay and confirm recovery assumptions and the refiner’s payable terms. The IBJA Silver 999 PM rate is a dated bullion benchmark. Actual settlements depend on the form and grade of the recovered material and the buyer’s terms.
- CEEW recycling financial feasibility study, Tables 8 to 10
- IBJA daily opening and closing market rates, 22 October 2026 PM row
Use the buyer guide to set the evidence and acceptance terms for a proposed lot.