Given users' increasing demand for thermal comfort in large-scale public buildings, energy consumption of the refrigeration and air-conditioning system continually increases. There is a strong need for implementing Refrigeration and Air-Conditioning System Retrofit (RACSR) in order to achieve better energy performance and carbon emission reductions. Despite the importance of adopting RACSR, it remains uncertain whether various RACSR schemes demonstrate cost effectiveness to attract investors. This paper establishes a methodological framework to carry out an economic evaluation of RACSR projects. By conducting a case study of the Beijing Capital International Airport Terminals retrofit project, this research finds that: (1) Both the Conventional Electrical Air-Conditioning System (CEACS) and the Ice Storage Air-Conditioning System (ISACS) retrofit schemes exhibit favorable environmental performance and cost effectiveness; (2) Although the CEACS scheme achieves higher energy savings, its economic performance is inferior than that of the ISACS scheme; (3) Upfront capital investment is the most sensitive factor affecting the economic viability; (4) The energy saving effects of retrofit schemes seem not to be obviously affected by climate demarcation, but the economic performance of the ISACS increases from cold to warm climate zones; (5) The current economic subsidy policies are too favorable, thus once the government adjusts the subsidy level according to the theoretical environmental benefit, it will largely affect the interests of investors; (6) If the ISACS scheme is adopted, the peak electricity demand will be reduced and electricity usage in off-peak period will increase, which would benefit the stability and reliability of wider electricity networks. This paper offers a useful template to conduct an economic evaluation of RACSR schemes through comprehensive consideration of life-cycle costs and benefits. It offers important recommendations for policy makers and building owners to develop incentive policies and management interventions to encourage the implementation of RACSR. (C) 2019 Elsevier Ltd. All rights reserved.
