How many valence electrons does an insulator have?
Said another way, if the valence electrons in a material are in a Fermi energy level that overlaps the conduction band for that material, the material is a conductor. In an insulator, the valence electrons are all in Fermi energy levels that are below the conduction band for that material, and it is an insulator. Applying a voltage to an insulator will not “lift” the valence electrons up into the conduction band to allow them to support current flow.
