| Thermoeconomics is a discipline that combines both thermodynamic and economic analysis for thermal systems. One of the objectives of thermoeconomics is to minimize the product cost of a thermal system for a given capacity or to maximize the product capacity for a given total cost. The second law of thermodynamics in conjunction with the first law gives a premium to the consideration of the quality of energy over the quantity involved in a thermal system, and can lead the way to improving the system's performance. Economic analysis includes both initial capital and total operating costs of a thermal system to evaluate exergetic life cycle cost.; Absorption systems have a wide application range from cooling to heating to temperature boosting. In this study, performance comparisons of various absorption systems using a lithium bromide/water (LiBr/H2O) solution as the working fluid were conducted and analyzed on the basis of the first and second laws of thermodynamics. These systems include single-, double-, and triple-effect absorption chillers for cooling, absorption heat pumps for heating, and single-, double-, and triple-stage absorption heat transformers for waste heat temperature boosting applications. Simulation of these systems was employed first to evaluate the first law performances, while the thermal properties, entropy, and exergy of the working fluids were also calculated to analyze the second law efficiencies under different operating conditions.; In addition to performance comparisons, applications of thermoeconomics are also directed to the three absorption chillers as well as the three absorption heat transformers to evaluate the capital and operating costs of the systems and their auxiliary equipment over a wide range of heat source temperatures and temperature boost values. The objective is to investigate the optimal selections for specific operating conditions on the basis of life cycle costs. The life cycle costs of relative electric-powered vapor-compression systems are also evaluated for comparison purposes. Results of the thermoeconomic analysis are shown to provide guidelines for designing and selecting cost-efficient absorption chillers and heat transformers. |
