Reconsider Prob. 6-143. Using EES (or other) software, investigate the effect of the heat pump COP on

Question:

Reconsider Prob. 6-143. Using EES (or other) software, investigate the effect of the heat pump COP on the yearly operation costs and the number of years required to break even. Let the COP vary from 2 to 5. Plot the against the COP and discuss the results.
Prob. 6-143
A typical electric water heater has an efficiency of 95 percent and costs $350 a year to operate at a unit cost of electricity of $0.11/kWh. A typical heat pump-powered water heater has a COP of 3.3 but costs about $800 more to install. Determine how many years it will take for the heat pump water heater to pay for its cost differential from the energy it saves.

Payback Period
Payback period method is a traditional method/ approach of capital budgeting. It is the simple and widely used quantitative method of Investment evaluation. Payback period is typically used to evaluate projects or investments before undergoing them,...