Comparative Economic Analysis of Single and Dual-Fluid Based Photovoltaic Thermal Systems for Building Energy Needs
Abstract
This study presents a comparative economic analysis of single- and dual-fluid based photovoltaic/thermal (PV/T) systems for energy supply of an apartment with varied demands. Nanofluid (CuO/water) and Conventional heat transfer fluids were operated both separately and simultaneously under the same-sized PV/T system. The performance of single- and dual-fluid PV/T systems for apartment energy needs was investigated for winter from November to February. The apartment heat load and the PV/T system performance were predicted via EnergyPLus® and Matlab® simulation software, respectively. Based on recent inflation rate, interest rate, and utilities unit prices in South Korea, economic viability of both single- and dual-fluid PV/T systems was assessed to supply energy to a top floor apartment of a 4-storey residential building. It is found that dual-fluid PV/T systems powered by nanofluids yield the best life cycle savings and discounted payback period than that of single-fluid PV/T systems. Net savings earned from mitigation of CO2 over the lifetime of dual-fluid PV/T systems are surprisingly higher than the solar collectors associated with single-fluid systems.