The Australian solar market continues to show resilience and growth, as highlighted in the Q1 2024 Solar Installation Report. Below are the key insights from the report, outlining the solar company’s performance, regional trends, and market segments.
In the first quarter of 2024, Sunboost ranked as Australia’s number 1 solar retailer, holding a 3.37% market share with a total of 2,839 systems installed. Origin followed with a 1.55% share, contributing an installation volume of 12.11 MW. Other noteworthy performers include Sun Retail and Solar Power Nation, both prominently featured in the top five retailers, indicating the market’s competitive nature.
Postcode 2765 has demonstrated outstanding regional growth, with 5.1 MW of installations, representing a remarkable 38.63% increase compared to the same period in 2023. This underscores a substantial demand in the region.
Residential solar installations (0-15kW) remain the top preference, constituting 78.04% of the total systems installed during the quarter. This reflects homeowners’ consistent embrace of solar energy. The small-commercial (15-40kW) and medium-commercial (40kW+) segments also made steady contributions, albeit with slower growth than residential installations.
In the STC trading market, Formbay Trading dominated with 202.6MW traded certificates. One Stop Warehouse Finance and Greenbot followed, with 90.9 MW and 52.1 MW, respectively.
Overall, the volume of solar systems installed nationwide increased by 2.90% compared to last year, indicating steady growth in the market for the first quarter of 2024. Most of these installations were in the residential sector, which plays a key role in driving the market. Although there were slight decreases in a few regional areas, the overall trend remains positive, indicating a consistently high demand for solar energy throughout Australia.
Wrap-up reports
national
national
The total solar panels installed in the country in the first quarter of 2024 increased by 2.90%.
New South Wales
NSW
NSW achieved an impressive growth of 15.10% compared to the same quarter last year.
Queensland
QLD
From QLD alone, 24.94% or a volume of 195,177.51kW contributed to clean and sustainable energy.
Western Australia
WA
8.74% of the total solar installations, equivalent to 68,427kW, have been completed in WA.
South Australia
SA
SA has experienced a significant decrease of 14.86% compared to last year’s quarter.
Australian Capital Territory
ACT
ACT only completed a few installations this quarter, representing a market share of 1.84%.
Tasmania
TAS
There has been a slight 1.69% increase in the total installed volume for this quarter compared to Q1 2023.