Elastocaloric cooling is regarded as the most promising emerging refrigeration technology, with heat driven elastocaloric cycles at the forefront of research. However, existing systems often have actuators with a mass of 4–20 times that of the refrigerant, resulting in bulky structures and low thermodynamic efficiency. Enhancing system compactness and efficiency has thus become a critical research challenge. This study proposes an innovative low-grade thermal energy dual-driven elastocaloric cooling system, achieving a 1:1 mass ratio (mActuator/mRefrigerant) between the actuator and refrigerant, significantly improving system compactness and coefficient of performance while effectively reducing costs. A three-dimensional numerical and geometric model was developed to analyze the thermodynamic cycle, examining the effects of material, operational, and geometric parameters on cooling performance, and a “category-wise optimization” strategy was employed to determine optimal parameter combinations. The cost and environmental impacts of the new system were evaluated and compared with vapor-compression air conditioning. Results show that the difference in transformation temperatures between austenite and martensite phases significantly impacts cooling performance. Optimal flow rates and cycling frequencies are essential to avoid performance loss. Considering the coefficient of performance and heat transfer, a 1:1 mass ratio is optimal for geometric parameters. The system achieves a maximum coefficient of performance of 0.158, exceeding the existing two schemes by more than 2 times and 7 times, with a maximum temperature rise of 13.1 K. The proposed system is economically feasible and environmentally friendly, providing valuable theoretical foundations and technical solutions for developing sustainable alternative refrigeration technologies.
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