This comprehensive report provides a detailed analysis of Australia’s PV market, highlighting key trends and developments throughout 2023.
In 2023, Australia’s PV market remained stable, with 4.2 GW of new solar capacity registered. Rooftop solar continued to dominate the market, with strong growth in commercial and industrial installations. However, utility-scale installations saw a significant decline, impacted by the end of large-scale system support under the Commonwealth Government’s Renewable Energy Target.
Key Highlights of the Report:
- Rooftop Solar Demand Remains Strong: In 2023, Australia installed 3.1 GW of rooftop solar on residential, commercial, and industrial buildings – up from 2.8 GW in 2022. Industrial installations grew by 73%, and commercial by 21%, highlighting the ongoing demand for decentralised solar energy.
- Utility-Scale Solar Drops: Utility-scale solar installations fell by 24%, reaching the lowest annual installation rate in five years with just 1.05 GW installed. Recovery in this sector is essential for Australia to meet its net-zero targets, but new policy measures introduced in 2024 show early signs of revitalising growth.
- Global Leadership in Solar Per Capita: By the end of 2023, Australia had a world-leading position with a total installed capacity of 34 GW – equivalent to over 1.33 kW of solar per person. However, the country slipped out of the global top ten markets for annual installations, raising concerns about maintaining its leadership if the current trend continues.
