In 2023, the total support for residential fossil fuels in the US was $3.03 billion. The forecast from 2024 to 2028 shows a consistent decline in support amounts, beginning with $2.95 billion in 2024 and ending with $2.66 billion by 2028. This indicates a gradual year-on-year decrease.
Trends indicate the support is decreasing yearly by approximately 2-3%. The average annual decrease over this five-year forecast (CAGR) reinforces this declining trend as the focus shifts from fossil fuel dependence.
Future trends to watch include potential policy changes geared toward renewable energy, which could accelerate the reduction in fossil fuel support. Additionally, advancements in technology might influence the pace and extent of this decline.
