Assessment of Renewable Air-Conditioning Using Economic Feasibility Procedures

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

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.

Citation

Oye, T. T., Goh, K., Gupta, N., & Oye, T. K. (2020). Assessment of Renewable Air-Conditioning Using Economic Feasibility Procedures. International Journal of Innovative Science and Research Technology, 5(3), 1375-1381

• 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