Forecast: Solar Energy Consumption in Australia

The solar energy consumption in Australia has been experiencing remarkable growth. In 2023, it stood at 0.44 Exajoules, marking a 19.45% year-on-year increase. Prior to this, solar energy consumption has consistently risen, with notable year-on-year variations such as 37.65% in 2018 and 48.72% in 2019. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) is 30.09%, reflecting robust and sustained growth. This upward trend is expected to continue, although at a slightly decelerated pace, with a forecasted five-year CAGR of 9.15% from 2024-2028, leading to a total growth of 54.94% over this period.

Future trends to watch for include technological advancements in solar panel efficiency, continued governmental incentives and policy support, and increased private sector investments, all of which will drive further adoption and integration of solar energy in Australia's energy mix.