This paper proposes, for the first time, the research concept of comparing energy and economy between transcritical cycle high-temperature heat pumps and subcritical cycle high-temperature heat pumps with new refrigerants. Experiments and simulations are conducted to compare the system performance and economy of two heat pumps, and the effects of different factors on the performance of two heat pumps are analyzed. The results show that R744/R1234yf (90/10) and R515-1 are the preferred refrigerants for transcritical cycle heat pumps and subcritical cycle heat pumps, respectively. The COP of the R744/R1234yf (90/10) transcritical heat pump is generally higher than that of the R515B-1 subcritical heat pump, and compared to the R515B-1 subcritical heat pump, the cost recovery period of the R744/R1234yf (90/10) transcritical heat pump is about 9–15 years. Therefore, it is recommended that users who use heat pumps for a long time choose transcritical cycle heat pumps. Meanwhile, with the change of evaporation temperature, the system COP of the R515B-1 subcritical heat pump and R744/R1234yf (90/10) transcritical heat pump increases by 61.11% and 65.91%, respectively. In addition, the optimal charge amount for the R515B-1 subcritical heat pump is 81.8% of that of the R744/R1234yf (90/10) transcritical heat pump.
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