Abstract
In the present work, the statistical analyses are presented to study the economic indexes of Net Present Value (NPV) and Simple Payback Period (SPB) as response functions for the Combined Cooling, Heating and Power (CCHP) system. The CCHP performance is simulated with the aid of thermodynamic modeling, and also economic equations are presented for economic simulation. An attempt is made to study the effect of some economic factors (interest ratio, fuel cost, lifetime, and electricity sell price) on the system’s responses. Based on the Design of Experiment analysis, regression models are presented to quantify the effects of these parameters on the Net Present Value and Simple Payback Periods. This novel approach is developed utilizing the response surface methodology (RSM) based on the central composite design (CCD) method. Sensitivity analysis of the economic parameters was also examined in this research. Optimal values of these parameters were obtained for the two economic indexes as response functions.
Highlights
Energy expenditure is per se related to economic prosperity in Iran as well as around the world
Much attention to pollutions and greenhouse gas emissivity in the power generation plants and concerns about the amount of storage and price of fossil fuels has propelled the widespread growth of technologies that can supply electricity from waste heat recovery or renewable sources
Thermodynamic analysis of the configuration CCHP system was performed based on specific operational input parameters
Summary
Energy expenditure is per se related to economic prosperity in Iran as well as around the world. Electricit y generation is one of the most important and successful parts of development and prosperity. Steam modern gas turbine, and diesel power plants used independently or in combined cycle mode are the most plants to generate electricity in Iran. Much attention to pollutions and greenhouse gas emissivity in the power generation plants and concerns about the amount of storage and price of fossil fuels has propelled the widespread growth of technologies that can supply electricity from waste heat recovery or renewable sources. The possibility of using renewable energy and combined cooling, heating, and power (CCHP) plant has been received many considerations due to the climate of Iran. CCHP is swiftly gaining popularity, especially in the commercial and even residential parts, as they provide a reliable energy source
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