An economic analysis of Cyprus’ residential buildings’ energy retrofits potential

Cyprus’ building stock energy saving potential is considerably high due to the absence of legislation and regulations governing the energy performance of buildings, prior to the country's accession to the European Union. In this study, a methodology is proposed and applied to a typical residential building to assess the financial attractiveness of alternative retrofit scenarios. An advanced simulation software tool is utilised to measure the energy performance of a typical residential building in terms of envelope characteristics, construction materials and Heating, Ventilation and Air Conditioning system. The thermal model is used to assess the impact of alternative retrofitting scenarios. Then, an economic model is developed to evaluate the financial impact over the investment horizon. Finally, a risk analysis is conducted to investigate the stochastic behaviour of key input variables.

[1]  A. Shamsai,et al.  Multi-objective Optimization , 2017, Encyclopedia of Machine Learning and Data Mining.

[2]  Carol C. Menassa,et al.  Evaluating sustainable retrofits in existing buildings under uncertainty , 2011 .

[3]  Neoklis Rodoulis.  Evaluation of Cyprus' Electricity Generation Planning Using Mean-Variance Portfolio Theory , 2010 .

[4]  Evangelos Bellos,et al.  Production Planning in the Aquaculture Industry: A Simulation-based Approach , 2010 .

[5]  Frédéric Dalsace,et al.  Brand Magic: Harry Potter marketing”, Harvard Business Review, février 2007, vol. 85, n° 2 , 2007 .

[6]  Evangelos Grigoroudis,et al.  Towards a multi-objective optimization approach for improving energy efficiency in buildings , 2008 .

[7]  Luis C. Dias,et al.  Multi-objective optimization for building retrofit strategies: A model and an application , 2012 .

[8]  P. Tufano,et al.  A real-world way to manage real options. , 2004, Harvard business review.

[9]  Stewart C. Myers,et al.  Modern Developments in Financial Management , 1977 .

[10]  Pernilla Gluch,et al.  The life cycle costing (LCC) approach: a conceptual discussion of its usefulness for environmental decision-making , 2004 .

[11]  T. Luehrman,et al.  Strategy as a portfolio of real options. , 1998, Harvard business review.

[12]  J. Gough,et al.  Environmental Decision-Making and Lake Management , 1996 .

[13]  Chan S. Park.  Contemporary Engineering Economics , 1993 .

[14]  Anne Marsden,et al.  International Organization for Standardization , 2014 .

[15]  Sofronis Clerides.  Retail Fuel Price Response to Oil Price Shocks in EU Countries , 2010 .

[16]  Robert L. K. Tiong,et al.  NPV-at-Risk Method in Infrastructure Project Investment Evaluation , 2000 .

[17]  Soteris A. Kalogirou,et al.  Comparison between measured and calculated energy performance for dwellings in a summer dominant environment , 2011 .

[18]  Paul Cooper,et al.  Existing building retrofits: Methodology and state-of-the-art , 2012 .

[19]  Klaus Dilger,et al.  Adhesive Bonding on Painted Car Bodies in Automotive Production Lines : Alternatives and Cost Analysis , .

[20]  Virginia H. Dale,et al.  Next Steps for Tools to Aid Environmental Decision Making , 1999 .

[21]  H. V. Dijck.  Energy efficiency in buildings , 2009 .

[22]  P. A. Pilavachi,et al.  Economic evaluation of energy saving measures in a common type of Greek building , 2009 .

[23]  Michael A. Gerber,et al.  EnergyPlus Energy Simulation Software , 2014 .