Outdoor Testing to Compare the Technical and Economic Aspects of Single-and Dual-Fluid Photovoltaic/Thermal (PV/T) Systems

Integration of a dual-fluid heat exchanger with a photovoltaic/thermal (PV/T) system has become increasingly important because it not only significantly reduces the photovoltaic (PV) solar cells’ temperature but also produces additional thermal energy. In this study, energy, exergy, and economic analyses of a dual-fluid (water/air) PV/T system are performed in comparison with a reference PV module and single-fluid PV/T systems for the climate of Cheonan, South Korea. Daily and yearly performance evaluations of all of the aforementioned PV/T systems were carried out through experimentation. Based on the experimental findings, the economic feasibility of the dual-fluid PV/T system is assessed in the context of its financial benefits over both a shorter and longer period of time. Results show that the energy and exergy efficiencies of the dual-fluid PV/T system are significantly higher than those of single-fluid PV/T systems, by 20% and 11%, respectively. In addition, relevant to local domestic electricity price, the cost of energy is reduced by 80%, 60%, and 45% with the dual-fluid PV/T system and water and air type PV/T systems, respectively. Furthermore, using the dual-fluid PV/T system, extra revenue is generated through carbon credit by mitigating CO2 emissions into the atmosphere.