Energy performance and life cycle cost assessments of a photovoltaic/thermal assisted heat pump system

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dc.contributor.authorCui, Yuanlong
dc.contributor.authorZhu, Jie
dc.contributor.authorZoras, Stamatis
dc.contributor.authorQiao, Yaning
dc.contributor.authorZhang, Xin
dc.date.accessioned2020-08-06T12:14:18Z
dc.date.available2020-08-06T12:14:18Z
dc.date.issued2020-06-26
dc.description.abstractA 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 PBPen_UK
dc.identifier.citationCui Y, Zhu J, Zoras S, et al., (2020) Energy performance and life cycle cost assessments of a photovoltaic/thermal assisted heat pump system. Energy, Volume 206, September 2020, Article number 118108en_UK
dc.identifier.issn0360-5442
dc.identifier.urihttps://doi.org/10.1016/j.energy.2020.118108
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/15648
dc.language.isoenen_UK
dc.publisherElsevieren_UK
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectPayback perioden_UK
dc.subjectNet present valueen_UK
dc.subjectMonte Carlo simulationen_UK
dc.subjectThermal and electrical energy productionen_UK
dc.subjectPV/T-HP systemen_UK
dc.titleEnergy performance and life cycle cost assessments of a photovoltaic/thermal assisted heat pump systemen_UK
dc.typeArticleen_UK

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