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Assessment of Renewable Air-Conditioning Using Economic Feasibility Procedures

Oye, Tosin T.; Goh, Keng; Gupta, Naren; Oye, Toyosi K.

Authors

Tosin T. Oye

Naren Gupta

Toyosi K. Oye



Abstract

The renewable energy utilization is attaining numerous recognition and diverse assessment is obligatory to be executed for several innovations which has in turn become a general system requirement. The increasing application of fossil fuels is virtually not only triggering swift energy sources depletion; nevertheless, deliberately manufacturing harmful gases which in turn directly impacts humanity. Therefore, this paper addresses the economic assessment of renewable airconditioning using ARR, NPV, IRR and payback period technique. Knowing the obscured fossil fuels effects and its consequences to human wellbeing is key for assessing renewable-based airconditioning using economic feasibility practices and for underpinning further remarkable conclusions for imminent energy production. The system economic assessment is measured in conjunction with the use of cleaner energy sources, vis-à-vis renewable energy utilization such as photovoltaic solar power. The outcome reveals that photovoltaic solar airconditioning is worth undertaking using economic assessment procedures. The accounting rate of return is 185.7%; the net present value yielded a positive value NPV > 0 which suggests the project is worth undertaking; payback period is 9.5 years, and this typically demonstrates that the system will begin to make profit after 9.5 years of operation and at the discount rate of up to 10.19%, photovoltaic solar airconditioning investment is worth undertaking.

Journal Article Type Article
Acceptance Date Feb 6, 2020
Online Publication Date Mar 5, 2020
Publication Date Mar 5, 2020
Deposit Date Jul 15, 2022
Publicly Available Date Jul 18, 2022
Journal International Journal of Innovative Science and Research Technology
Peer Reviewed Peer Reviewed
Volume 5
Issue 3
Pages 1375-1381
Keywords Air-conditioning; Renewable energy; Economic assessment; Energy consumption; Carbon emissions; Health effects
Public URL http://researchrepository.napier.ac.uk/Output/2889591
Publisher URL https://ijisrt.com/assessment-of-renewable-airconditioning-using-economic-feasibility-procedures

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