The energy and exergy efficiency of a photovoltaic thermal (PV/T) system at various volume fractions is investigated with mono TiO2 nanofluid and new hybrid TiO2-Fe2O3 nanofluid. Serpentine tubes soldered on an absorbing plate attached to the rear of the PV module have been proposed to evaluate the effect of nanofluids on the PV/T temperature reduction, energy produced, and exergy losses. The study compared energy and exergy with previous studies and delivered an economic analysis to confirm the feasibility of applying nanofluids. The results indicated that using TiO2-Fe2O3 nanofluid reduced the PV cell's temperature by 42.19% compared to water, TiO2 nanofluid, which increased the electrical power by 74.5% and 46.22% when cooling by mono and hybrid nanofluid at 0.3 vol%. The PV/T system's maximum thermal and electrical efficiency recorded with mono and hybrid nanofluids was 34.6%, 8.44%, 47.2%, and 12.62%, respectively. Dispersion of hybrid nanocomposite in DI water has enhanced the Nu number and HTC by 42.72% and 23% higher than mono nanofluid, which improved the exergy efficiency of the PV/T system by 14.89%. A better payback period was achieved with a hybrid nanofluid by 54 days with reduced exergy losses by 45.5% and entropy generation by 86.29%.
Keywords: Economic analysis; Entropy generation; Exergy efficiency; Nanofluids; Overall efficiency; PV/T system.
© 2023 The Authors.