A Comparative Economic Feasibility Study of Photovoltaic Heat Pump Systems for Industrial Space Heating and Cooling

Abstract

The use of photovoltaic (PV) systems for powering heat pumps (HP) leads to an economic, energy efficient and environmentally friendly alternative for heating and cooling generation. A technical solution developed by the authors permits stand-alone configurations to operate without batteries, mitigating up to 75% of the solar power fluctuations resulting from cloud-passing. Once its technical feasibility has been demonstrated, the economic potential of this innovative solution should be assessed (avoiding a battery system is a significant advantage). This paper presents a comparative economic assessment of this autonomous (AU) solution and a self-consumption (SC) solution, that would substitute a grid-powered HP system for the space heating and cooling of two livestock farms located in Spain. Results show that PV-HP systems are economically feasible regardless of the technical solution: the Profitability Index (PI) is in the 2.23–2.97 €/€ range, the Internal Rate of Return (IRR) is in the 8.1–10.9% range, the Payback Period (PBP) is in the 9.2–11 years range and the savings in terms of the Levelized Cost of Energy (LCOE) are in the 57–70% range. The AU solution offers a higher economic profitability, because it permits larger savings in the electricity bill. The SC solution presents lower LCOEs because of its greater electricity production.

Development of a Pilot Borehole Storage System of Solar Thermal Energy: Modeling, Design, and Installation

“…Currently, the use of BTES technology is still not widespread, since the exploitation of shallow geothermal energy from standard coupling between BHEs and HPs is considered sufficient to meet a consistent part of the overall energy needs in Southern Europe and the Mediterranean area, where the climate conditions are generally mild [16]. Moreover, BHEs and solar thermal panels have been generally considered by customers as alternatives to one another, and their integration is generally limited [17], while the integration of HPs and PV panels has become common practice [18]. In particular, the market of systems combining HPs and PVs has recently been boosted by the diffusion of electric batteries and the setup of energy communities [19].…”

Quantifying the Techno-Economic Potential of Grid-Tied Rooftop Solar Photovoltaics in the Philippine Industrial Sector

“…The displacement of energy from the grid by solar PV generation can reduce emissions, while selling excess solar PV generation to the grid via net metering may yield profits [4]. Typically, these systems show a payback period (PBP) from 3 to 11 years and an internal rate of return (IRR) between 21% to 29% [5][6][7][8]. Furthermore, the feasibility of simultaneous heating and energy generation from solar PV has been demonstrated in other countries [9].…”