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With the increasing application of CHP and an industry transition to distributed energy, it is necessary to make a comprehensive economic analysis and comparison of the entire lifetime of CHP from the net present value (NPV), payback period, and cost-saving ratio (CSR). Five systems, including micro-CHP, gas boiler (GB), air-source heat pump (ASHP), domestic gas-fired heater and domestic electric hot water-heater, are simulated. First, this paper takes annual heat use efficiency (AHUE) into account to compare the economy of each domestic hot water (DHW) system. The results show that a domestic gas-fired heater system is the most economical option in the AHUE of 31.28%. The economic influence of CHP and gas-fired heater under different AHUE are then analyzed. The results show that the DHW system based on CHP is the best when the AHUE is more than 55.35%. Finally, three different operation strategies of CHP are considered in this paper. From the perspective of annual energy cost and payback, the internal combustion-based CHP with thermal energy system (TES) is superior to the other two strategies being studied. Considering the optimal economic benefits, the CSR of the three different operation strategies is 41.3%, 69.69% and 69.77%, respectively.

Economic Assessment and Control Strategy of Combined Heat and Power Employed in Centralized Domestic Hot Water Systems