Silver prices have climbed sharply, breaching INR 4 lakh per kilogram in futures trade and remaining nearly 187% higher than at the start of 2025, according to Dilip Mehta of Hexa Climate. Mehta noted that silver now accounts for 25–30% of solar cell manufacturing costs, with the sector consuming 19–25% of global supply. Somesh Kumar of Ernst & Young India said sustained high prices could raise module costs by 3–8% and increase discovered tariffs by 1–3%, given that modules form 40–50% of utility-scale project costs. He also added that even a $0.01 per Watt rise can increase capex by about INR 9 lakh per MW, with a INR 20 lakh per MW escalation adding roughly INR 100 crore to a 500 MW project. Anujesh Dwivedi of Deloitte cautioned that developers under firm price contracts may face margin pressure unless exposure is hedged while Sambitosh Mohapatra of PwC India highlighted the broader risk to tariffs and capacity additions.