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Evaluation framework for Techno-economic analysis of energy system retrofit technologies
https://orcid.org/0000-0002-1959-8490
https://orcid.org/0000-0002-7212-3718
https://orcid.org/0000-0001-7087-3411
https://orcid.org/0000-0003-1032-7560
Abstract Energy retrofit technologies can significantly reduce global energy requirements and carbon emissions and support policy makers achieve net zero targets. The installation and implementation of these technologies is mostly quite straightforward, however the assessment of their benefits and impacts across the technical, economic, and environmental domains can be very complex and often requires a high degree of stakeholder engagement. The purpose of this paper is to propose a clear and easy-to-follow methodological framework for conducting a techno-economic analysis of energy system retrofit technologies to help reduce this complexity. The proposed framework involves four main stages that involve identifying stakeholders and defining key performance indicators (KPIs), fact and knowledge generation and alignment, decision-making support and finally reviewing and refining the outputs. Two case studies, carried out in the context of the Horizon 2020 Integrated Smart GRID Cross-Functional Solutions for Optimized Synergetic Energy Distribution, Utilization Storage technologies (inteGRIDy) project, were considered to illustrate application of the framework. Associated relevant technical and economic evaluation of performance parameters carried out in accordance with the proposed framework demonstrated that implementation of retrofit technology in these case studies significantly impacted identified stakeholder relevant KPIs, including reduces total energy consumption, peak load, and carbon footprint. Likewise, they improved wider grid adaptability and energy security. The cost-benefit analysis also identified several stakeholder benefits, such as revenues from demand response operations, cost reductions due to local generation, revenues from energy export, and decreased expenses related to reduced carbon emissions. The article concludes that the proposed methodological framework can assist in focusing efforts related to the technical and economic evaluation of energy retrofit technologies onto meaningful indicators which have relevant real-world interpretation for key stakeholders. Overall, it is suggested that the proposed framework can be used as an additional tool to evaluate the impacts and benefits of energy retrofit technologies in a more meaningful way, giving policy makers better insights into deployment and scale-up of retrofit technologies to achieve net zero targets.
Evaluation framework for Techno-economic analysis of energy system retrofit technologies
https://orcid.org/0000-0002-1959-8490
https://orcid.org/0000-0002-7212-3718
https://orcid.org/0000-0001-7087-3411
https://orcid.org/0000-0003-1032-7560
Abstract Energy retrofit technologies can significantly reduce global energy requirements and carbon emissions and support policy makers achieve net zero targets. The installation and implementation of these technologies is mostly quite straightforward, however the assessment of their benefits and impacts across the technical, economic, and environmental domains can be very complex and often requires a high degree of stakeholder engagement. The purpose of this paper is to propose a clear and easy-to-follow methodological framework for conducting a techno-economic analysis of energy system retrofit technologies to help reduce this complexity. The proposed framework involves four main stages that involve identifying stakeholders and defining key performance indicators (KPIs), fact and knowledge generation and alignment, decision-making support and finally reviewing and refining the outputs. Two case studies, carried out in the context of the Horizon 2020 Integrated Smart GRID Cross-Functional Solutions for Optimized Synergetic Energy Distribution, Utilization Storage technologies (inteGRIDy) project, were considered to illustrate application of the framework. Associated relevant technical and economic evaluation of performance parameters carried out in accordance with the proposed framework demonstrated that implementation of retrofit technology in these case studies significantly impacted identified stakeholder relevant KPIs, including reduces total energy consumption, peak load, and carbon footprint. Likewise, they improved wider grid adaptability and energy security. The cost-benefit analysis also identified several stakeholder benefits, such as revenues from demand response operations, cost reductions due to local generation, revenues from energy export, and decreased expenses related to reduced carbon emissions. The article concludes that the proposed methodological framework can assist in focusing efforts related to the technical and economic evaluation of energy retrofit technologies onto meaningful indicators which have relevant real-world interpretation for key stakeholders. Overall, it is suggested that the proposed framework can be used as an additional tool to evaluate the impacts and benefits of energy retrofit technologies in a more meaningful way, giving policy makers better insights into deployment and scale-up of retrofit technologies to achieve net zero targets.
Evaluation framework for Techno-economic analysis of energy system retrofit technologies
https://orcid.org/0000-0002-1959-8490
https://orcid.org/0000-0002-7212-3718
https://orcid.org/0000-0001-7087-3411
https://orcid.org/0000-0003-1032-7560
Abstract Energy retrofit technologies can significantly reduce global energy requirements and carbon emissions and support policy makers achieve net zero targets. The installation and implementation of these technologies is mostly quite straightforward, however the assessment of their benefits and impacts across the technical, economic, and environmental domains can be very complex and often requires a high degree of stakeholder engagement. The purpose of this paper is to propose a clear and easy-to-follow methodological framework for conducting a techno-economic analysis of energy system retrofit technologies to help reduce this complexity. The proposed framework involves four main stages that involve identifying stakeholders and defining key performance indicators (KPIs), fact and knowledge generation and alignment, decision-making support and finally reviewing and refining the outputs. Two case studies, carried out in the context of the Horizon 2020 Integrated Smart GRID Cross-Functional Solutions for Optimized Synergetic Energy Distribution, Utilization Storage technologies (inteGRIDy) project, were considered to illustrate application of the framework. Associated relevant technical and economic evaluation of performance parameters carried out in accordance with the proposed framework demonstrated that implementation of retrofit technology in these case studies significantly impacted identified stakeholder relevant KPIs, including reduces total energy consumption, peak load, and carbon footprint. Likewise, they improved wider grid adaptability and energy security. The cost-benefit analysis also identified several stakeholder benefits, such as revenues from demand response operations, cost reductions due to local generation, revenues from energy export, and decreased expenses related to reduced carbon emissions. The article concludes that the proposed methodological framework can assist in focusing efforts related to the technical and economic evaluation of energy retrofit technologies onto meaningful indicators which have relevant real-world interpretation for key stakeholders. Overall, it is suggested that the proposed framework can be used as an additional tool to evaluate the impacts and benefits of energy retrofit technologies in a more meaningful way, giving policy makers better insights into deployment and scale-up of retrofit technologies to achieve net zero targets.
Evaluation framework for Techno-economic analysis of energy system retrofit technologies
Ahmed, Tariq G. (author) / Gudlaugsson, Bjarnhedinn (author) / Ogwumike, Chris (author) / Dawood, Huda (author) / Short, Michael (author) / Dawood, Nashwan (author)
Energy and Buildings ; 286
2023-03-06
Article (Journal)
Electronic Resource
English
Evaluation Framework for Techno-economic Analysis of Energy System Retrofit Technologies
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