Achieving Financial Feasibility and Carbon Emission Reduction: Retrofit of a Bangkok Shopping Mall Using Calibrated Simulation

Abstract

This study investigated the building energy retrofit potential of a shopping mall in Bangkok, Thailand, using a combined building energy modeling and economic analysis approach to achieve a balance between carbon emission reduction and financial feasibility. The study adopted ASHRAE Guideline 14, a standard for energy modeling accuracy, using whole-building calibrated simulation to evaluate the energy, energy cost, and operational carbon emission reduction achievable through the proposed energy conservation measures. The calibrated model demonstrated high accuracy, achieving an NMBE of 1.10% and CVRMSE of 3.77% for energy consumption, and NMBE of 0.15% and CVRMSE of 5.44% for peak energy demand compared to the monthly data. The economic analysis employed indicators such as NS, AIRR, and DPB, along with MACC analysis, to assess the financial viability of the ECMs and examine the impact of carbon credit cost savings on the analysis results. This case study highlights the critical role of energy modeling and economic analysis in evaluating building retrofits. The findings demonstrate the potential for carbon emission reduction and financial benefits with the case study building achieving up to 12.5% energy cost savings and carbon emission reduction based on a prospective building lifespan of 40 years without compromising financial sustainability.

Keywords

• building energy modeling
• energy model calibration
• building energy retrofit
• feasibility study
• economic analysis
• carbon emission mitigation