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Economic analysis of heating and cooling systems from the various perspectives: Application to EHP and GHP in Korea

Author

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  • Lee, Woo-Nam
  • Kim, Hyeong-Jung
  • Park, Jong-Bae
  • Cho, Ki-Seon
  • Roh, Jae Hyung
  • Son, Sung-Yong

Abstract

Energy flow from the primary energy to the final energy use varies depending on which device is used for the heating and cooling energy service. This paper presents economic analyses of medium capacity space heating and cooling systems from three perspectives – primary energy, final consumer, and social cost perspective. From the analysis results of primary energy and final consumer perspective, electric heat pump (EHP) system is found to be superior to the gas engine driven heat pump (GHP) system for the energy consumption and cost-effectiveness due to its higher system efficiency. However, the result of social cost perspective shows the GHP system is superior to the EHP system considering incurred incremental electricity generation capacity construction cost and avoided gas storage tank construction cost due to a new installation of each system. And this paper suggests three analysis methodologies – the primary energy, final consumer, and social cost perspective – can be used for developing various measures and policies for integrated demand side management.

Suggested Citation

  • Lee, Woo-Nam & Kim, Hyeong-Jung & Park, Jong-Bae & Cho, Ki-Seon & Roh, Jae Hyung & Son, Sung-Yong, 2012. "Economic analysis of heating and cooling systems from the various perspectives: Application to EHP and GHP in Korea," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(6), pages 4116-4125.
    • Handle: RePEc:eee:rensus:v:16:y:2012:i:6:p:4116-4125
    DOI: 10.1016/j.rser.2012.03.038
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    References listed on IDEAS

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    1. Julien Chevallier, 2010. "Carbon Prices during the EU ETS Phase II: Dynamics and Volume Analysis," Working Papers halshs-00459140, HAL.
    2. Hepbasli, Arif & Erbay, Zafer & Icier, Filiz & Colak, Neslihan & Hancioglu, Ebru, 2009. "A review of gas engine driven heat pumps (GEHPs) for residential and industrial applications," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(1), pages 85-99, January.
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    Cited by:

    1. Nguyen, Hiep V. & Law, Ying Lam E. & Alavy, Masih & Walsh, Philip R. & Leong, Wey H. & Dworkin, Seth B., 2014. "An analysis of the factors affecting hybrid ground-source heat pump installation potential in North America," Applied Energy, Elsevier, vol. 125(C), pages 28-38.
    2. Song, Jeonghun & Song, Seung Jin & Oh, Si-Deok & Yoo, Yungpil, 2015. "Evaluation of potential fossil fuel conservation by the renewable heat obligation in Korea," Renewable Energy, Elsevier, vol. 79(C), pages 140-149.

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