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Parametric analysis for cost-optimal renewable energy integration into residential buildings: Techno-economic model

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  • Jo, Jin Ho
  • Aldeman, Matt
  • Lee, Han-Seung
  • Ahn, Yong Han

Abstract

Determining the optimum penetration of renewable energy systems and their associated aggregated technical and economic benefits is a growing concern for both researchers and policy makers. The purpose of this paper is to evaluate the cost-optimal pathways for a university campus in Illinois, USA to install solar PV systems by performing parametric analyses. Here we suggest cost-optimal solutions to deploy solar photovoltaic systems under two different finance scenarios: the Single Party economic model and the Two Party economic model. In addition, critical economic factors are highlighted by incorporating them into an energy performance model. This case study can be a replicable model for other academic institutions to actively implement renewable technologies and greatly support their decision-making processes.

Suggested Citation

  • Jo, Jin Ho & Aldeman, Matt & Lee, Han-Seung & Ahn, Yong Han, 2018. "Parametric analysis for cost-optimal renewable energy integration into residential buildings: Techno-economic model," Renewable Energy, Elsevier, vol. 125(C), pages 907-914.
    • Handle: RePEc:eee:renene:v:125:y:2018:i:c:p:907-914
    DOI: 10.1016/j.renene.2018.03.025
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    References listed on IDEAS

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    1. Baek, Seoin & Park, Eunil & Kim, Min-Gil & Kwon, Sang Jib & Kim, Ki Joon & Ohm, Jay Y. & del Pobil, Angel P., 2016. "Optimal renewable power generation systems for Busan metropolitan city in South Korea," Renewable Energy, Elsevier, vol. 88(C), pages 517-525.
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    Cited by:

    1. Figaj, Rafał & Żołądek, Maciej, 2021. "Experimental and numerical analysis of hybrid solar heating and cooling system for a residential user," Renewable Energy, Elsevier, vol. 172(C), pages 955-967.
    2. De Luca, Giovanna & Ballarini, Ilaria & Lorenzati, Alice & Corrado, Vincenzo, 2020. "Renovation of a social house into a NZEB: Use of renewable energy sources and economic implications," Renewable Energy, Elsevier, vol. 159(C), pages 356-370.
    3. Wang, Richard & Hsu, Shu-Chien & Zheng, Saina & Chen, Jieh-Haur & Li, Xuran Ivan, 2020. "Renewable energy microgrids: Economic evaluation and decision making for government policies to contribute to affordable and clean energy," Applied Energy, Elsevier, vol. 274(C).
    4. Seung Hyo Baek & Byung Hee Lee, 2019. "Optimal Decision-Making of Renewable Energy Systems in Buildings in the Early Design Stage," Sustainability, MDPI, vol. 11(5), pages 1-19, March.
    5. Hwang, Haejin & Kim, Sunghoon & García, Álvaro González & Kim, Jiyong, 2021. "Global sensitivity analysis for assessing the economic feasibility of renewable energy systems for an off-grid electrified city," Energy, Elsevier, vol. 216(C).

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