Techno-economic Optimization of Combined Cooling, Heat and Power System Based on Response Surface Methodology

Abstract

In the present work, the statistical analyses are presented to study the economic indexes of Net Present Value (NPV) and Simple Payback Period (SPB) as response functions for the Combined Cooling, Heating and Power (CCHP) system. The CCHP performance is simulated with the aid of thermodynamic modeling, and also economic equations are presented for economic simulation.  An attempt is made to study the effect of some economic factors (interest ratio, fuel cost, lifetime, and electricity sell price) on the system’s responses. Based on the Design of Experiment analysis, regression models are presented to quantify the effects of these parameters on the Net Present Value and Simple Payback Periods. This novel approach is developed utilizing the response surface methodology (RSM) based on the central composite design (CCD) method.  Sensitivity analysis of the economic parameters was also examined in this research. Optimal values of these parameters were obtained for the two economic indexes as response functions.