Energy performance and life cycle cost assessments of a photovoltaic/thermal assisted heat pump system
Journal article
Cui, Yuanlong, Zhu, Jie, Zoras, Stamatis, Qiao, Yaning and Zhang, Xin 2020. Energy performance and life cycle cost assessments of a photovoltaic/thermal assisted heat pump system. Energy. https://doi.org/10.1016/j.energy.2020.118108
| Authors | Cui, Yuanlong, Zhu, Jie, Zoras, Stamatis, Qiao, Yaning and Zhang, Xin |
|---|---|
| Abstract | A photovoltaic/thermal module assisted heat pump system is investigated in this paper, which provides electrical and thermal energy for a domestic building. In-depth evaluation on the system energy production is conducted based on the finite difference method for a long-term operating period. The 25 years’ system life cycle cost is assessed via the Monte Carlo simulation under the Feed-in Tariff (FiT) and Renewable Heat Incentive schemes, the annual energy savings, income and payback period (PBP) are compared for the FiT and Smart Export Guarantee (SEG) schemes. The technical analysis results illustrate that the system is able to fulfil the building thermal and electrical energy demands from April to October and from May to August, respectively, and the extra electricity of 229.47 kWh is fed into the grid. The economic assessment results clarify that the system achieves a net present value (NPV) of £38,990 and has a PBP of 4.15 years. Meanwhile, the economic sensitive analyses reveal that the high discount rate reduces the system NPV whereas the high investment cost causes a long PBP to realize the positive NPV. Compared with the SEG scheme, the FiT is the most cost-effective method for renewable electricity generation and has the shortest PBP. |
| Keywords | Payback period; Net present value; Monte Carlo simulation; Thermal and electrical energy production; PV/T-HP system |
| Year | 2020 |
| Journal | Energy |
| Publisher | Elsevier |
| ISSN | 0360-5442 |
| 1873-6785 | |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.energy.2020.118108 |
| Web address (URL) | http://hdl.handle.net/10545/624977 |
| hdl:10545/624977 | |
| Publication dates | 26 Jun 2020 |
| Publication process dates | |
| Deposited | 10 Jul 2020, 14:06 |
| Accepted | 09 Jun 2020 |
| Contributors | University of Derby, University of Nottingham, China University of Mining and Technology and Cranfield University |
| File | |
| File | File Access Level Open |
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