Articles

The engineers at ANDRIANOS, with deep knowledge of heating technologies and the energy market, conducted a highly useful study comparing the main thermal energy production technologies this year as well.

Part A: Fuel Energy Cost

Initially, a comparison was made of the various fuels (energy sources) that consumers can choose, depending on the heating system they have. The fuels examined are the following:

• Heating Oil
• Bulk LPG (for tanks)
• Bottled LPG (in cylinders)
• Natural Gas
• Electricity
• Pellet
• Firewood

Based on the calorific value (lower heating value) of each fuel and the current prices per unit of fuel, the cost of energy for each fuel was calculated, in Euros per Kilowatt-hour (€/KWh). The results are shown in the table below:

Fuel Energy Cost in Euros per Kilowatt-hour (€/KWh)

The main observation is that natural gas, firewood, bulk LPG (for tanks), and heating oil are the most economical fuels, while electricity has the highest cost. It is noted here that the comparison refers exclusively to the energy source and reflects the economic value of the fuel based on its energy content (€/KWh). The results for the final heating cost, as you will see later, vary significantly if the heating technology and the system's efficiency for each fuel type are taken into account.

Part B: Thermal Energy Cost in €/KWh

For the comparison of different thermal energy production systems, the most widespread systems in Greece were selected, which are:

• Old Oil Boiler
• Conventional Oil Boiler
• Modern Condensing Oil Boiler (post-2017)
• Wall-mounted Condensing LPG Boiler
• Wall-mounted Condensing Natural Gas Boiler
• Old Conventional Boiler with Natural Gas Burner
• Heat Pump (Climate Zone A)
• Heat Pump (Climate Zone B)
• Heat Pump (Climate Zone C)
• Electric Heating (Convector Heaters, Storage Heaters, Electric Radiators, Electric Boilers)
• Pellet Boiler
• Water Energy Fireplace
• Traditional Open Hearth Fireplace

The details and efficiency of each system are shown in the table at the end of the article.

By combining the prices and calorific value of the fuels with the efficiency of the heating systems, the following results were obtained for the cost of thermal energy production in Euros per Kilowatt-hour (€/KWh):

Thermal Energy Cost in Euros per Kilowatt-hour (€/KWh) depending on the Heating System

Part C: The Cost of Heating Over Time

Using data from previous studies by the National Technical University of Athens (NTUA) and ANDRIANOS, the company's engineers charted the evolution of heating costs from 2017 until today. The table below shows the cost review, as well as the average heating cost for the last five years.

All relevant studies by NTUA that include the data of the above diagram can be found in the section "Studies-Research".

Conclusions

The cost of heating increases over time for all fuels and all systems. Three main categories of systems emerge depending on the cost of use:

1. Heat Pumps: Cost < 0.10 €/kWh
2. Solid, liquid, and gaseous fuel boilers: Cost 0.10-0.20 €/kWh
3. Electric Resistance Heaters and Traditional Fireplaces: Cost > 0.25 €/kWh

For the study to be realistic and applicable to every case, it is necessary to take into account other factors that affect the final result. These include:

• The specific conditions of each installation.
• Government subsidies, which may be uncertain or uneven in their application.

The cost of fuels depends on supply and demand, both locally and globally. In Greece, the demand for heating fuels remains low compared to previous years, mainly due to the mild winter season.

Global developments (war, tariffs, embargoes) can significantly affect the cost of fuels, especially hydrocarbons.

It is noted that ideally, reducing heating costs should start with minimizing the required energy. This can be achieved with:

• Automation and control systems.
• Ventilation with heat recovery.
• Participation of RES (Solar Thermal, Photovoltaics).
• Enhancing the building's thermal insulation and airtightness.

Taking all this into account and because there is no "ideal" heating system for every situation, ANDRIANOS has the know-how and experience to offer energy solutions with excellent performance and the most efficient heating, DHW production, and energy saving systems.

Sources & Assumptions

For the implementation of the above study, data was drawn from literature, the study by NTUA and Dr. Efthymiadis, and basic assumptions were made about the average efficiencies of heating systems, based on the know-how of ANDRIANOS engineers.

Regarding fuel prices:

• Heating Oil: Retail prices for oil were obtained from the Liquid Fuel Price Overview Bulletin (fuelprices.gr).
• LPG: Prices for bulk and bottled LPG were obtained from professional suppliers and refinery prices (oil.mindev.gov.gr).
• Natural Gas: The price was calculated based on import prices and additional charges (transport, distribution).
• Electricity: Analysis of electricity prices was based on the weighted average market price from the interconnected system (admie.gr).
• Pellet and Firewood: Prices were obtained from professional suppliers.

Methodology

For the preparation of Part A of this study, an analysis was performed on the energy sources (electricity and various types of fuel), which are listed in the table below.

Using the above values, the fuel energy cost was calculated for each type of source, taking into account the lower calorific value and the fuel cost during the studied period.

For the preparation of Part B of the study, the different heating systems were analyzed, based on their efficiency, the energy source they use, the fuel cost per kWh, and the final heating cost.