This power supply apparatus that supplies power to an electric load is provided with: a power conversion apparatus, which converts alternating current power to direct current power at a first target voltage value, said alternating current power having been supplied from a power supply, and which supplies the direct current power to the electric load; a chargeable/dischargeable electric storage apparatus connected to the power conversion apparatus, said electric storage apparatus being connected parallel to the electric load; a charge/discharge control apparatus that controls charging and discharging such that the voltage value of the electric storage apparatus is at a second target voltage value; and a target voltage value setting section, which compares the charge rate of the electric storage apparatus with a threshold value, and which increases/reduces the first target voltage value and/or the second target voltage value corresponding to comparison results.