Abstract This study investigated how projected electricity prices and personal values influence public support for a 50% renewable energy target (RET) in Australia. In an online experiment, 404 participants rated their support for a 50% RET across eight projected increases in their quarterly power bills. Multi-level modelling indicated that: (1) support for the 50% RET fell as the projected price of electricity increased, (2) although participants with low self-enhancement values and high self-transcendent values were most supportive of the 50% RET, these value-based differences disappeared as projected electricity prices increased. Implications of these findings for energy policy design are discussed.