In 2023, the total support on end-use electricity for residential in Australia stood at $1.1 billion USD, constant 2020 terms. Over the past decade, the sector has witnessed significant fluctuations. Between 2013 and 2018, it ranged from as low as $0.65 billion in 2018 to a peak of $1.35 billion in 2017. Post-2018, the market demonstrated recovery, stabilizing around the $1.1 billion mark in 2023. Year-on-year variations over the last two years were minute, with a rise of 1.31% in 2022 and 1.27% in 2023. The compound annual growth rate (CAGR) for the past five years has been 11.06%.
Future trends suggest a forecasted 5-year CAGR of 0.92%, indicating a relatively stable outlook with modest growth. By 2028, the support is projected to reach $1.17 billion, representing an overall growth rate of 4.7% from 2024.
Watch for future trends such as:
- Increased adoption of renewable energy sources and their impact on residential electricity support.
- Technological advancements in energy efficiency improvements and smart home systems gaining prominence.
- Government policies and subsidies influencing the residential electricity sector's dynamics.
