Silver's conductivity and efficiency outweigh cost increases for Solar Panel Manufacturing
Global Solar PV Manufacturing to Hit 1,100 GW this year
Outcrop Silver Feature
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Drilling the High-Grade Santa Ana Silver Project in Colombia.
Global Solar PV Manufacturing Capacity Projected to Hit 1,100 GW this year.
That’s approximately 550 Million Ounces of Silver Demand. Record High.
Assuming a silver usage of 500,000 ounces per gigawatt of solar PV capacity, as mentioned in the search results, the total amount of silver required for 1,100 GW of solar PV manufacturing would be 550,000,000 ounces.
This highlights the significant and growing demand for silver in the solar industry, robotics industry, AI, aerospace, military, electric trains, electric vehicles and electronics.
This rapid expansion in manufacturing capacity is driven by increased investments and policy support for renewable energy worldwide.
The global solar PV manufacturing capacity has been growing at a rapid pace.
The growth in solar PV manufacturing capacity is a positive development, as it will help drive down the costs of solar energy and make it more accessible to a wider range of consumers, including colleges and universities. This aligns with the increasing focus on sustainability and renewable energy in the higher education sector, as evidenced by the examples provided in the search results.
Several universities, such as Princeton, UConn, and Muhlenberg College, have already taken significant steps to reduce their carbon footprint and transition to renewable energy sources, including solar power. These efforts not only contribute to a cleaner environment but also provide valuable learning opportunities for students and demonstrate the feasibility of large-scale renewable energy projects on college campuses.
The U.S. Department of the Treasury has also recognized the importance of clean energy investments in the higher education sector, highlighting various initiatives and projects that have been implemented across the country. The Inflation Reduction Act, in particular, has made it easier for colleges and universities to access clean energy tax credits, further incentivizing the adoption of renewable energy solutions.
As the global solar PV manufacturing capacity continues to grow, colleges and universities will have increased access to affordable and reliable renewable energy sources, allowing them to further reduce their environmental impact and lead by example in the transition to a sustainable future.
Adding silver to solar panels is efficient because it significantly improves their energy conversion efficiency without drastically increasing the overall cost. Silver is the most electrically conductive metal, and its addition to solar cells enhances their ability to carry electric current generated by sunlight.
This increased efficiency allows for the use of thinner, less expensive materials while maintaining high performance. While silver prices have risen in recent years, the impact on solar panel costs is relatively small compared to the benefits of improved efficiency.
Overall, the advantages of silver in terms of conductivity and efficiency outweigh the modest cost increase, making it an efficient choice for solar panel manufacturing
About Santa Ana
The Santa Ana project covers 27,000 hectares within the Mariquita District, known as the largest and highest-grade primary silver district in Colombia with mining records dating back to 1585. Outcrop Silver wholly owns the project which has reported some of the highest historical silver grades in Latin America.
Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana Property Mineral Resource Estimate," dated June 8, 2023, prepared by AMC Mining Consultants, indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that include multiple parallel veins and ore shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La Isabela.
The 2024 drilling campaign is a pivotal initiative to not only amplify resource mineralization on established veins but also explore new prospects along the project's extensive 18.5-kilometer strike that is drill permitted. This campaign is designed to extend mineralization along strike and down dip at key targets like El Dorado and to test new high-potential areas such as Aguilar-Guadual and Los Mangos. These efforts underscore the scalability of Santa Ana and its potential for substantial resource growth, positioning the project to develop into a high-grade, economically viable, and environmentally responsible silver mine.
About Outcrop Silver
Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.
At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.
Citations:
[1] https://solarquarter.com/2024/04/29/global-solar-pv-manufacturing-capacity-projected-to-hit-1100-gw-by-2024-and-1300-gw-by-2028-surpassing-demand/
[2] https://payneinstitute.mines.edu/solar-surge-puts-pressure-on-silver-supply/
[3] https://resourceworld.com/how-much-silver-is-needed-for-the-solar-panel-industry/
[4] https://scitechdaily.com/solar-cell-efficiency-improved-with-silver/
[5] https://www.pv-magazine.com/2023/01/06/why-solar-needs-to-slim-down-on-silver/
Citations:
[1] https://solarquarter.com/2024/04/29/global-solar-pv-manufacturing-capacity-projected-to-hit-1100-gw-by-2024-and-1300-gw-by-2028-surpassing-demand/
[2] https://www.princeton.edu/news/2021/11/09/going-deep-princeton-lays-foundation-net-zero-campus
[3] https://today.uconn.edu/2024/03/uconn-successfully-pursues-energy-efficiency-even-as-campus-grows/
[4] https://www.muhlenberg.edu/news/2024/muhlenbergcollegeandpartnersinvestinlarge-scalerenewableenergyproject.html
[5] https://edtechmagazine.com/higher/article/2021/08/build-sustainable-campuses-efficient-energy-management-critical-perfcon
[6] https://home.treasury.gov/news/featured-stories/a-clean-energy-future-for-americas-colleges-and-universities