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Technical and economical prefeasibility study of a solar water heating (SWH) system in an apartment building in Cape Town

Abstract:

Solar power has significant potential to reduce reliance on conventional energy sources in South Africa. A prefeasibility study for a communal solar water heating system (SWHS) is performed for an apartment building in the Cape Town area. Energetic-economic modeling of the system is performed by calculating the solar fraction and fundamental indicators of the financial analysis, such as internal rate of return (IRR), net present value (NPV), and benefit–cost ratio. Results indicate that a SWHS with a solar fraction of 32% and a benefit–cost ratio of 3.05 is realizable. Additionally, sensitivity analysis of financial results with respect to incentive rebate amount and electricity escalation rate is performed.