Review of cost objective functions in multi-objective optimisation analysis of buildings

Anna Auza, Ehsan Asadi, Behrang Chenari and Manuel Gameiro da Silva

Renewable and Sustainable Energy Reviews, 2024, vol. 191, issue C

Abstract: Notwithstanding the reductions in the cost of renewable energy per unit produced, cost objectives remain a relevant yet understudied topic due to their ability to indicate information available in the market. To better understand the general practice and identify trends in cost objectives for renewable energy-powered buildings in multi-objective optimisation problems, the article systematically reviews 129 studies published in 2011–2023 and identifies the highly cited articles (N = 23) to be reviewed narratively. As for the contribution to the literature, cost objectives are re-categorised based on the cost components considered. Assigned categories show that the authors focus on initial costs and energy costs. Systematic analysis shows that the most popular original metrics are total (life cycle cost, total costs) and energy import costs. There seems to be little association between climate zone and metric considered, but the payback period is applied in less developed countries. Supplementary economic objective metrics are on the rise. To further aid decision-making and address the current limitations – oversimplification of the project context, transitioning towards a managerial accounting perspective is welcomed. It could aid in attracting investment from other than project developers' sources, to reach the target investment in building energy efficiency required for the 1.5-degree target by 2050.

Keywords: Cost objective; Renewable energy; Smart buildings; Multi-objective optimisation; Sustainability (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032123009590
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:191:y:2024:i:c:s1364032123009590

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.2023.114101

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 ().