An Economic Analysis of Energy Saving and Carbon Mitigation by the Use of Phase Change Materials for Cool Energy Storage for an Air Conditioning System—A Case Study

• Published in: Energies (Basel) 2024-02, Vol.17 (4), p.912
• Main Authors: Peng, Shun-Hsiung, Lo, Shang-Lien
• Format: Article
• Language: English
• Subjects: Air conditioning; Air quality management; Alternative energy sources; Carbon; Case studies; Cold storage; cold storage systems; Cooling; Cost analysis; Cost control; Cost reduction; cost–benefit analysis; Economic analysis; Economic aspects; Electricity; Energy conservation; Energy consumption; Energy efficiency; Energy industry; Energy management systems; Energy storage; energy-saving analysis; Fossil fuels; Green buildings; Heat; High technology industry; Maintenance costs; Operating costs; phase change material air conditioning systems; phase change materials; Product development; Renewable resources; Sustainable development; Taiwan; Technology application; Wind power; zero carbon emissions
• ISSN: 1996-1073; 1996-1073
• DOI: 10.3390/en17040912

Phase change materials are increasingly used because they can be used for cold energy storage in air conditioning systems to increase system efficiency and achieve energy savings. However, many potential adopters of phase change cold storage systems fail to consider environmental and economic factors, so feasibility assessments are difficult and significant gaps between expected benefits and actual outcomes become apparent. This study establishes an economic analysis model using a technology company in Taiwan as an example. The model determines the costs and energy-saving carbon reduction benefits of implementing phase change materials to allow businesses to achieve energy-saving, carbon reduction, and sustainable development objectives. The results of this study demonstrate that companies can achieve a 32% reduction in electricity costs, reduce energy consumption by 118,411 kWh per year, and reduce carbon emissions by 60,272 tons per year by adopting phase change materials. The dynamic payback period is as little as 2.9 years for low-load conditions. A cost–benefit analysis also shows that the use of phase change materials for energy storage, coupled with the prior construction of energy storage areas, provides the maximum economic benefits and is the optimal choice.