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Economic Analysis of Integrated Ground Source Heat Pumps on a Shared Ground Loop

Author

Listed:
  • Jeong Soo Shin

    (J&G Co., Ltd., Jeonju 55070, Korea)

  • Sean Hay Kim

    (School of Architecture, Seoul National University of Science & Technology, Seoul 01811, Korea)

  • Jong Woo Park

    (J&G Co., Ltd., Jeonju 55070, Korea)

Abstract

An integrated geothermal system in which heat pumps for air conditioning and hot water both share the same ground loop was proposed in our previous study. Although this system produced electricity savings of 15% compared to a conventional system in which the two heat pumps operated on their own ground loop, practical requirements regarding further lowering the operation cost of the integrated geothermal system and the possibility of the energy savings being low during winter initiated further investigation into potential energy conservation measures at no initial cost increase, if possible. Outdoor reset control for hot water supply and sequential heat pump operation, both of which could be included at no extra cost, were subsequently targeted as potential measures for greater electricity savings and economic feasibility. When these measures were incorporated into the integrated geothermal system, electricity savings of approximately 25% during the heating season compared to the conventional system were predicted. Eventually it led to annual electricity savings of about 25% compared to the conventional system, which is up to 9.6 million South Korean won a year at today’s rates. Additionally, it reached the break-even point earlier than one year after installation.

Suggested Citation

  • Jeong Soo Shin & Sean Hay Kim & Jong Woo Park, 2020. "Economic Analysis of Integrated Ground Source Heat Pumps on a Shared Ground Loop," Energies, MDPI, vol. 13(11), pages 1-20, June.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:11:p:2928-:d:368430
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    References listed on IDEAS

    as
    1. Jeong Soo Shin & Jong Woo Park & Sean Hay Kim, 2020. "Measurement and Verification of Integrated Ground Source Heat Pumps on a Shared Ground Loop," Energies, MDPI, vol. 13(7), pages 1-24, April.
    2. Young-Ju Jung & Hyo-Jun Kim & Bo-Eun Choi & Jae-Hun Jo & Young-Hum Cho, 2016. "A Study on the Efficiency Improvement of Multi-Geothermal Heat Pump Systems in Korea Using Coefficient of Performance," Energies, MDPI, vol. 9(5), pages 1-19, May.
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    Cited by:

    1. Andrea Aquino & Flavio Scrucca & Emanuele Bonamente, 2021. "Sustainability of Shallow Geothermal Energy for Building Air-Conditioning," Energies, MDPI, vol. 14(21), pages 1-30, October.
    2. Trond Thorgeir Harsem & Behrouz Nourozi & Amirmohammad Behzadi & Sasan Sadrizadeh, 2021. "Design and Parametric Investigation of an Efficient Heating System, an Effort to Obtain a Higher Seasonal Performance Factor," Energies, MDPI, vol. 14(24), pages 1-13, December.

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