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An economic and environmental assessment for selecting the optimum new renewable energy system for educational facility

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  • Hong, Taehoon
  • Koo, Choongwan
  • Kwak, Taehyun
  • Park, Hyo Seon

Abstract

With the world's attention focused on climate change, the United Nations Framework Convention on Climate Change provides the basis for global action to encourage sustainable development. A wide variety of measures are being taken in South Korea in line with this trend, but new and renewable energy (NRE) have been highlighted as sustainable energy sources. This study aims to assess the economic and environmental effects of the use of NRE for selecting the optimum NRE system in educational facilities. Towards this end, the following were done: (i) selection of facility and its applicable NRE system type; (ii) calculation of the energy generation by the NRE systems via energy simulation; (iii) life cycle cost analysis for the economic evaluation on the NRE systems; (iv) life cycle assessment for the environmental evaluation on the NRE systems; (v) using the net present value and the savings-to-investment ratio, comprehensive evaluation of the economic and environmental effects on the NRE systems.

Suggested Citation

  • Hong, Taehoon & Koo, Choongwan & Kwak, Taehyun & Park, Hyo Seon, 2014. "An economic and environmental assessment for selecting the optimum new renewable energy system for educational facility," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 286-300.
    • Handle: RePEc:eee:rensus:v:29:y:2014:i:c:p:286-300
    DOI: 10.1016/j.rser.2013.08.061
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