“…However, the performance in real operation can considerably differ from the nominal one due to the custom installation and the matching between heat supply and heat demand. Moreover, the national energy policy, with the subsidization of the electricity production from power plant based on non-photovoltaic renewable sources [20], distorts the worth of electricity and heat, strongly promoting the electric generation and penalising the heat valorisation [21]. As a consequence, CHP systems with low, or even negative, primary energy saving could have a positive cash flow.…”