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A Comparative Economic Feasibility Study of Photovoltaic Heat Pump Systems for Industrial Space Heating and Cooling

Instituto de Energía Solar—Universidad Politécnica de Madrid, 28031 Madrid, Spain
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Energies 2020, 13(16), 4114; https://doi.org/10.3390/en13164114
Received: 30 June 2020 / Revised: 29 July 2020 / Accepted: 7 August 2020 / Published: 9 August 2020
(This article belongs to the Section B1: Solar Energy and Photovoltaic Systems)
The use of photovoltaic (PV) systems for powering heat pumps (HP) leads to an economic, energy efficient and environmentally friendly alternative for heating and cooling generation. A technical solution developed by the authors permits stand-alone configurations to operate without batteries, mitigating up to 75% of the solar power fluctuations resulting from cloud-passing. Once its technical feasibility has been demonstrated, the economic potential of this innovative solution should be assessed (avoiding a battery system is a significant advantage). This paper presents a comparative economic assessment of this autonomous (AU) solution and a self-consumption (SC) solution, that would substitute a grid-powered HP system for the space heating and cooling of two livestock farms located in Spain. Results show that PV-HP systems are economically feasible regardless of the technical solution: the Profitability Index (PI) is in the 2.23–2.97 €/€ range, the Internal Rate of Return (IRR) is in the 8.1–10.9% range, the Payback Period (PBP) is in the 9.2–11 years range and the savings in terms of the Levelized Cost of Energy (LCOE) are in the 57–70% range. The AU solution offers a higher economic profitability, because it permits larger savings in the electricity bill. The SC solution presents lower LCOEs because of its greater electricity production. View Full-Text
Keywords: photovoltaic; heat pump; economic assessment; autonomous system; self-consumption photovoltaic; heat pump; economic assessment; autonomous system; self-consumption
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MDPI and ACS Style

Lorenzo, C.; Narvarte, L.; Cristóbal, A.B. A Comparative Economic Feasibility Study of Photovoltaic Heat Pump Systems for Industrial Space Heating and Cooling. Energies 2020, 13, 4114. https://doi.org/10.3390/en13164114

AMA Style

Lorenzo C, Narvarte L, Cristóbal AB. A Comparative Economic Feasibility Study of Photovoltaic Heat Pump Systems for Industrial Space Heating and Cooling. Energies. 2020; 13(16):4114. https://doi.org/10.3390/en13164114

Chicago/Turabian Style

Lorenzo, Celena, Luis Narvarte, and Ana B. Cristóbal. 2020. "A Comparative Economic Feasibility Study of Photovoltaic Heat Pump Systems for Industrial Space Heating and Cooling" Energies 13, no. 16: 4114. https://doi.org/10.3390/en13164114

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