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Energies 2022, 15, 1008 9 of 16 SPF4: efficiency of the system, including the electricity consumption of the GSHP, the circulators CH2, CH1 and CL1 and the fans of the load terminal units of the building. In order to calculate all energy values, the following assumptions were taken into account: the inlet temperature of the radiators (80 ◦C), outlet temperature of the boiler 80 ◦C, volume of the DHW tank (160 L), outlet temperature of the DHW (50 ◦C) and minimum and maximum temperature of the fresh water (10 ◦C and 17.5 ◦C, respectively). In order to calculate the annual energy savings, reduction of the operational cost and simple payback period, the energy heating needs were converted to primary energy according to the relevant factors, as considered in Cyprus and presented here. In parallel, annual CO2 emissions reductions were calculated: Primary energy conversion factor: oil (1.1) and electrical energy (2.9); Emissions TCO2/MWh: oil (0.267) and electrical energy (0.874). Finally, the TESSe2b system was evaluated through the storage system performance while also considering the required volume to achieve the same results while using water as the storage medium. 4.2. Conventional System and Tesse2b Calculations: Economic Analysis and Discussion The technical characteristics of the conventional system in Cyprus were the following: Boiler and burner using heat oil of 20 kW for heating; Split units of 15.6 kW for cooling; Solar system of 9.4 m2: 4 collectors for DHW (supported by a heating element). The technical characteristics of the TESSe2b system were the following: GSHP of 26.3 kW for heating and 18.6 kW for cooling; Solar system of 20m2: 10 collectors for heating and DHW; Total of 3 HTES tanks, 3 CTES tanks and 1 DHW-PCM tank. The equivalent primary energies for the conventional and TESSe2b systems are shown in Tables 2 and 3. Table 2. Equivalent primary energy for the conventional system. Equivalent Primary Energy—Conventional System Oil consumption for space heating (kWh) Equivalent primary energy for space heating (kWh) DHW electricity consumption (kWhe) Equivalent primary energy for DHW (kWh) Electricity consumption for cooling (kWhe) Equivalent primary energy for Cooling (kWh) Total equivalent primary energy (kWh) 18,809.0 20,689.9 204.2 592.3 7060.4 22,052.8 43,335.0 Table 3. Equivalent primary energy for the TESSe2b system. Equivalent Primary Energy—TESSe2b System Electricity consumption for heating/cooling/DHW (kWh) Equivalent primary energy for heating/cooling/DHW 2895.8 8397.7 In order to evaluate the cost effectiveness of the TESSe2b solution, financial calculations were made for the conventional and TESSe2b systems (Table 4) based on the prices in the market of Cyprus. Based on the equivalent primary energy, annual savings were calculated in terms of annual primary energy saving, annual emissions reductions and annual savings from operational and maintenance costs. The cost of a conventional system comprises the cost for an oil boiler and burner (EUR 4000), split units (EUR 10,140) and auxiliary devices (EUR 1450), concluding with a total cost of EUR 15,590. The cost of the TESSe2bPDF Image | Latent Thermal Energy Storage Application
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