New research has revealed that electricity prices have started to broadly fall across the globe, following the jump in prices for many countries across the 2020’s, especially within Europe.

That’s according to a new study by Compare the Market, which has looked at how residential electricity prices have fluctuated since 1980, across 29 different countries.

The study revealed that Australia is finally starting to feel relief in their energy bills, with a drop in average household energy costs from AU$0.423/kWh in December 2023 to AU$0.391/kWh recorded in June 2024. This marks the first drop in residential electricity costs within our index since the breakpoint between 1995 and 2000.

Elsewhere, many European countries’ residential electricity prices have finally softened following the jump in costs for many countries starting in 2020. In particular, Ireland, Italy and the United Kingdom have finally seen declining prices in 2024¸ after experiencing residential electricity prices almost double between 2020 and 2023. Despite this, European countries took every spot in the list of the 5 most expensive residential electricity rates.

The United States placed among the cheapest with a rate of AU$0.285/kWh, representing a marginal increase from the nations December 2023 price point of AU$2.58/kWh.

Changes in Electricity Prices Globally (AUD)

Note: Note: All figures are in AUD$/kWh. Unavailable data points marked with –

Graph represents five most expensive nations, as well as Australia and the United States. For full data, visit Changes in Electricity Prices Globally. 

Compare the Market’s Head of Energy, Meredith O’Brien, explained how households can reduce their electricity usage and lower their bills.

“Small things such as turning off lights and devices at the wall when we stop using them can have an impact on your electricity usage,” Ms O’Brien said.

“In terms of scale, heating and cooling devices such as air conditioners are known for chewing up our electricity much more than other devices. Looking elsewhere to cool or warm your home, such as installing extra insulation or investing in a good floor fan can help you cut back on electricity usage.”

O’Brien’s tips are aimed toward smarter energy use, but also researching before buying electrical appliances to understand their efficiency.

“Paying attention to the energy efficiency ratings on appliances when you’re shopping around is important. Understanding the ways you use electricity in your home can help you to reduce your usage and save money.”

“It is also important to regularly compare your energy plans to search for the plan that suits you, your household usage and to possibly reduce costs.”

For the full results, please visit: Changes in Electricity Prices Globally

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Currency converted from USD to AUD on 27/03/25 using Xe Currency Converter at a rate of US$1 = AU$1.58995

For interviews and more information, please contact:

Lachlan Moore | [email protected]   

About comparethemarket.com.au

Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.