THERMAL SCIENCE

International Scientific Journal

APPLICATION AND IMPORTANCE OF COST-BENEFIT ANALYSIS IN ENERGY EFFICIENCY PROJECTS IMPLEMENTED IN PUBLIC BUILDINGS: THE CASE OF SERBIA

ABSTRACT
The main objective of this paper is to present the advantages of using Cost-Benefit analysis in energy efficiency projects implemented in public buildings, and to prove the hypothesis that Cost-Benefit analysis boosts the effectiveness and efficiency of the said type of projects. The paper offers theoretical and practical explanation of the implementation of Cost-Benefit analysis in the relevant area. Since energy efficiency projects in public buildings usually represent a part of a broader portfolio of similar projects and their implementation demands allocation of substantial financial resources, communities are often be interested in achieving maximal economic and non-economic benefits. This paper aims to demonstrate that Cost-Benefit analysis can represent an excellent contribution when attempting to select the projects for implementation within a broader portfolio of energy efficiency projects in public buildings. This hypothesis was demonstrated by putting a greater emphasis on non-economic benefits and the costs arising from implementation of the aforementioned types of projects. In addition, a practical test of this hypothesis was performed through the implementation of an energy efficiency portfolio in public buildings, worth several tens of millions of dollars - the Serbian Energy Efficiency Project. The paper concludes that the use of Cost-Benefit analysis can help us to effectively evaluate and manage projects of this type aimed at achieving maximum benefits for the community in question.
KEYWORDS
PAPER SUBMITTED: 2011-09-11
PAPER REVISED: 2012-06-01
PAPER ACCEPTED: 2012-06-01
DOI REFERENCE: https://doi.org/10.2298/TSCI110911090M
CITATION EXPORT: view in browser or download as text file
THERMAL SCIENCE YEAR 2012, VOLUME 16, ISSUE 3, PAGES [915 - 929]
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© 2019 Society of Thermal Engineers of Serbia. Published by the Vinča Institute of Nuclear Sciences, Belgrade, Serbia. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International licence