Analyzing a ground source heat pump investment in Finland

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dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.authorStenberg, Tom 
dc.contributor.departmentDepartment of Management and International Businessen
dc.contributor.departmentJohtamisen ja kansainvälisen liiketoiminnan laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Economicsen
dc.date.accessioned2012-01-28T02:30:33Z
dc.date.available2012-01-28T02:30:33Z
dc.date.dateaccepted2012-01-05 
dc.date.issued2011 
dc.description.abstractAALTO UNIVERSITY SCHOOL OF ECONOMICS ABSTRACT Master’s Thesis, Entrepreneurship 19.12.2011 Tom Stenberg ANALYZING A GROUND SOURCE HEAT PUMP INVESTMENT IN FINLAND Research objectives The main objective of the study was to analyze a ground source heat pump (GSHP) investment in Finland. In addition the goal was to determine which investment appraisal methods are most suitable for analyzing a ground source heat pump investment. In order to reach these objectives the both the heating systems and investment theory were reviewed in detail. Sources The theoretical part of the study was compiled out of a wide range of academic and non-academic literature. These included articles, reports and industry brochures related to investment analysis, energy and heating systems. In the empirical part historical energy price data was used. Heating system data was attained from heating system companies, expert organization and other relevant sources. Research method After the necessary data collection exercise and selection the suitable investment analysis method, the actual investment simulations calculations were completed and analyzed. The chosen methods are widely used and considered reliable in academic research. Results Analysis of the results showed that investing in a ground source heat pump heating system would be the most economical investment in the cases studied and under the selected settings. After 10 years the GSHP had the lowest NPV (most economical) in all cases except for one; in the old 240 m2 building the wood-pellet had a lower NVP mean in the 10 year scenario. However the probability distributions of the GSHP and the wood-pellet system suggest that the GSHP system has less risk as the probability distribution is more triangular. The wood-pellet system and the CHP district heating systems were the next economical choices. Direct electricity and oil heating were found to be uneconomical investment when using similar risk variables. Keywords Ground source heat pump, heating system, energy, investment analysis, NPV, Monte Carlo simulation.en
dc.ethesisid12703 
dc.format.extent156 
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/2071
dc.identifier.urnURN:NBN:fi:aalto-201201291239
dc.language.isoenen
dc.locationP1 I
dc.programme.majorSME Business Managementen
dc.programme.majorYrittäjyys ja pienyritysten johtaminenfi
dc.subject.heleconyrittäjyys 
dc.subject.heleconentrepreneurship 
dc.subject.heleconinvestoinnit 
dc.subject.heleconinvestment 
dc.subject.heleconarviointi 
dc.subject.heleconevaluation 
dc.subject.heleconkoneet 
dc.subject.heleconmachinery 
dc.subject.heleconenergiatalous 
dc.subject.heleconenergy economy 
dc.subject.heleconlämmitys 
dc.subject.heleconcentral heating 
dc.subject.keywordGround source heat pump 
dc.subject.keywordheating system 
dc.subject.keywordenergy 
dc.subject.keywordinvestment analysis 
dc.subject.keywordNPV 
dc.subject.keywordMonte Carlo simulation. 
dc.titleAnalyzing a ground source heat pump investment in Finlanden
dc.typeG2 Pro gradu, diplomityöfi
dc.type.dcmitypetexten
dc.type.ontasotMaster's thesisen
dc.type.ontasotPro gradu tutkielmafi
local.aalto.idthes12703
local.aalto.openaccessyes

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