Economic Feasibility Analysis of Greenhouse–Fuel Cell Convergence Systems

Chul-sung Lee, Hyungjin Shin (), Changi Park, Mi-Lan Park and Young Choi
Additional contact information
Chul-sung Lee: Rural Research Institute, Korea Rural Community Corporation, 870, Haean-ro, Sangnok-gu, Ansan-si 15634, Gyeonggi-do, Republic of Korea
Hyungjin Shin: Rural Research Institute, Korea Rural Community Corporation, 870, Haean-ro, Sangnok-gu, Ansan-si 15634, Gyeonggi-do, Republic of Korea
Changi Park: Department of Rural Construction Engineering, Kongju National University, 56, Gongjudaehak-ro, Gongju-si 32588, Chungcheongnam-do, Republic of Korea
Mi-Lan Park: Smart Farm & Architecture Project Department, Korea Rural Community Corporation, Naju-si 58327, Jeollanam-do, Republic of Korea
Young Choi: Smart Farm & Architecture Project Department, Korea Rural Community Corporation, Naju-si 58327, Jeollanam-do, Republic of Korea

Sustainability, 2023, vol. 16, issue 1, 1-14

Abstract: This study investigated the economic feasibility of introducing a new energy system, the greenhouse–fuel cell convergence system (GFCS), to a greenhouse that consumes a lot of energy. The GFCS is a concept that uses the heat generated during the power generation process to cool and heat the greenhouse, uses the emitted CO 2 as fertilizer inside the greenhouse, and sells the generated electricity. For economic evaluation, the annual energy consumption of the greenhouse was first calculated through simulation, and then the appropriate fuel cell capacity was determined. Next, a farmer-led business model and a utility-led business model were presented, and the economic feasibility of these models was evaluated for tomatoes and mangoes. The economic evaluation of the GFCS confirmed the economic feasibility by comparing it with a greenhouse equipped with a geothermal heat pump. The results of the economic evaluation revealed that the farmer-led model had a benefit–cost ratio (B/C) ranging from 0.62 to 0.65 even with government support for heat utilization facilities, which was lower than that of a typical greenhouse (1.03 to 1.06). On the other hand, the utility-led model showed high B/C ranging from 1.19 to 1.86. If the initial investment cost of the fuel cells is reduced and a government policy is appropriately supported, the GFCS can be economically applied to greenhouses.

Keywords: greenhouse–fuel cell convergence systems (GFCS); economic feasibility; energy saving; business model (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/16/1/74/pdf (application/pdf)
https://www.mdpi.com/2071-1050/16/1/74/ (text/html)

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:gam:jsusta:v:16:y:2023:i:1:p:74-:d:1304338

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().