Economic analysis of water heating technology in Thailand
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Abstract
The instantaneous water heaters (IWH) in Thailand are widely used to generate hot water in household, resort and hotel sectors. However, alternative water heating options such as solar hot water heaters (SWH) and heat pumps have potential to save energy consumption. This study aims to analyse the economic of changing water heating technology in Thailand. The household, resort and hotel sectors were calculated with formulations using Payback Period (PP), Net Present Value (NPV) and Internal Rate of Return (IRR) in six scenarios. The result showed that a heat pump has the payback period shorter than SWH technology in all sectors. While NPV of the heat pump was higher than SWH. IRR of SWH in household, resort and hotel sector were 19, 138 and 44%, respectively. These results suggest that the heat pump has higher potential than SWH in term of economic. Especially the hotel sector should be encouraged due to its short PP, high NPV and high IRR.
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References
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