TY - JOUR
TI - Feasibility of closed loop ground source heat pump for residential heating and cooling applications in Serbia
AU - Jokić Aleksandar I
AU - Nikolić Nevenka
AU - Lukić Nataša Lj
JN - Thermal Science
PY - 2020
VL - 24
IS - 2
SP - 965
EP - 976
PT - Article
AB - Households sector in Serbia presents a great chance for energy savings and  introduction of renewable energy sources in the future. The public policies  in Serbia are currently limited, but this kind of study can influence public  measures that would undeniably generate long-term social and economic  benefits to the country. The aim of the present work is to assess economic  feasibility of closed loop heat pump systems for heating and cooling  purposes in Serbia’s residential sector. The heat pump system was compared  to the most commonly used heating fuels in households. Results indicate that  the implementation of ground closed loop heat pump systems for heating and  cooling purposes in Serbia’s residential sector as a substitute for electric  heating is economically feasible. Inadequate prices of natural gas and  electricity in public supply are the main problems associated with the  project’s financial benefits. The best results were obtained in the scenario  with combined debt ratio (40%) and grants (~30%) for the project  realization, for which equity payback period is approximately three years,  while benefit to cost ratio is 2.52. Investigated financial metrics (equity  payback, internal rate of return assets and net present value) indicate the  same positive results considering financial viability of the project.