Economic analysis of heating and cooling systems from the various perspectives: Application to EHP and GHP in Korea

Woo-Nam Lee, Hyeong-Jung Kim, Jong-Bae Park, Ki-Seon Cho, Jae Hyung Roh and Sung-Yong Son

Renewable and Sustainable Energy Reviews, 2012, vol. 16, issue 6, 4116-4125

Abstract: Energy flow from the primary energy to the final energy use varies depending on which device is used for the heating and cooling energy service. This paper presents economic analyses of medium capacity space heating and cooling systems from three perspectives – primary energy, final consumer, and social cost perspective. From the analysis results of primary energy and final consumer perspective, electric heat pump (EHP) system is found to be superior to the gas engine driven heat pump (GHP) system for the energy consumption and cost-effectiveness due to its higher system efficiency. However, the result of social cost perspective shows the GHP system is superior to the EHP system considering incurred incremental electricity generation capacity construction cost and avoided gas storage tank construction cost due to a new installation of each system. And this paper suggests three analysis methodologies – the primary energy, final consumer, and social cost perspective – can be used for developing various measures and policies for integrated demand side management.

Keywords: Heating and cooling; Electric heat pump (EHP); Gas engine driven heat pump (GHP); Economic analysis; Energy efficiency; Integrated DSM (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032112002213
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:16:y:2012:i:6:p:4116-4125

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2012.03.038

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().