Course 6 — Economics, Energy and Sustainability

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Course content

Glossary

Term	Meaning
Useful heat	Heat that actually reaches the water, air or process
kWh	Kilowatt-hour; 3.6 MJ of energy
Calorific value	Energy contained in one unit of fuel
NCV / GCV	Net / gross calorific value; NCV excludes heat in flue water vapour
Efficiency	Useful heat out ÷ fuel energy in, for combustion or resistance heaters
COP	Coefficient of performance; useful heat out ÷ electricity in
Seasonal efficiency	Average efficiency over a year of real operation
scm	Standard cubic metre of gas at reference conditions
Simple payback	Extra capital ÷ net annual saving, in years
ROI	Return on investment; annual saving as % of capital
NPV	Net present value; discounted future savings minus capital
IRR	Internal rate of return; discount rate at which NPV = 0
Lifecycle cost	Total cost of owning equipment over its life
Sensitivity analysis	Re-running results with changed assumptions
ToD tariff	Time-of-day tariff; energy rate varies by hour
Demand charge	Charge based on maximum kVA drawn in a billing period
Emission factor	CO₂ released per unit of energy used
kWp	Kilowatt-peak; PV rating under standard test conditions
Net / gross metering	PV export rules: offset imports, or sell all generation
Thermal storage	Storing energy as hot water for later use
IGBC / GRIHA / LEED	Green building rating systems used in India
ECBC	Energy Conservation Building Code issued by BEE
ODP / GWP	Ozone depletion potential / global warming potential of a refrigerant
ESG	Environmental, social and governance reporting