Abstract
The aim of this study is to investigate the economic performances of the micro combined heat and power (micro-CHP) systems for residential application. An optimization model of the micro-CHP units coupled with thermal storage tanks and auxiliary boilers has been developed minimizing the annualized investment cost and operation cost. In addition, sensitivity analysis of some economic and policy conditions on the micro-CHP systems have been implemented. The results indicate that it is not feasible to introduce the micro-CHP systems in China from the economic viewpoint currently only if the suggested three promotion measures are implemented simultaneously.
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