A multiple objective optimisation model for building energy efficiency investment decision

EM Malatji, Jiangfeng Zhang, Xiaohua Xia

Research output: Contribution to journalArticle

91 Citations (Scopus)

Abstract

A multiple objective optimisation model is formulated to help decision makers to make an optimal decision when investing in energy-efficient building retrofitting. The objectives are to maximise the energy savings and minimise the payback period for a given fixed initial investment. The model is formulated as a multi-objective optimisation problem with the net present value (NPV), initial investment, energy target and payback period as constraints and it is solved using genetic algorithms (GAs). The optimal decision is reached by choosing the most optimal actions during energy retrofit in buildings. The model is applied to a case study of a building with 25 facilities that can be retrofitted that illustrates the potential of high energy savings and short payback periods. The sensitivity analysis is also performed by analysing the influence of the auditing error of the facilities, wrongly specified energy savings, the initial investment, changes in interest rate and the changes of electricity prices on the payback period, the maximum energy saved and NPV of the investment. The outcome of this analysis proves that the model is robust.
Original languageEnglish
Pages (from-to)81-87
Number of pages7
JournalEnergy and Buildings
Volume61
Issue numberJune
DOIs
Publication statusPublished - Jun 2013

Keywords

  • optimal actions
  • multi-objective optimisation
  • energy efficient building
  • investment
  • genetic algorithms
  • multiple objective
  • optimisation model
  • energy efficiency

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