Abstract
A thermo economic optimization analysis is presented based on steady state performance at annual average condition which yields simple algebraic formula for estimating the optimum heat storage tank capacity for solar energy applications. The P1-P2 method is used in the present study, together with the most favorable heat storage tank dimensioning criteria, for thermo economic analysis of solar hot water heating systems, SHW, including costs of all system elements. The optimum storage capacity and the most feasible collector area are calculated at which maximum net life cycle savings occurs for solar hot water heating systems. The validity of the optimization formulation was checked.
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