Economic Performance of Ground Source Heat Pump: Does It Pay Off?

Laura Gabrielli
University of Ferrara, Italy

Michele Bottarelli
University of Ferrara, Italy

Ladda ner artikelhttp://dx.doi.org/10.3384/ecp110571329

Ingår i: World Renewable Energy Congress - Sweden; 8-13 May; 2011; Linköping; Sweden

Linköping Electronic Conference Proceedings 57:13, s. 1329-1336

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Publicerad: 2011-11-03

ISBN: 978-91-7393-070-3

ISSN: 1650-3686 (tryckt), 1650-3740 (online)


A DCF model (discounted cash flow model) is implemented in order to investigate the economic aspects of GSHP (ground source heat pump) for heating and cooling; in comparison to traditional CB (condensing boiler). The DCF model allows the analysis of investment costs; operating costs and revenues of the two different systems in order to understand if the GSHP outperform its conventional counterpart in coming years; explicitly taking account for factors as price/cost growth. The whole analysis is performed adopting a parametric approach; in which all the previous terms are linked to energy labels; degree-days and EMRs (Energy Mix Ratios); the latter obtained as ratio between the full unit cost of electricity and natural gas paid by the householder. Relating to different EMRs; the DPBPs (Discounted Pay Back Periods) are presented in decision support matrixes in which energy labels and degree-days are the row/column variables; to confront the benefits of choosing between GSHP versus CB. Some considerations are also presented in order to express the environmental aspects. The results show that all higher energy labels have a good profitability ratio between costs and payback periods and demonstrate that GSHP system does pay off. Lower labels become interesting when the EMR drops to 0;25 and the gas price goes up 0;70 €/Nm3.


Ground source heat pump; discounted cash flow models; energy mix ratio; decision support matrixes


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