The formula to calculate the heat pump operating cost is:
\[ \text{HPOC} = \frac{\text{HP}}{1000} \cdot \text{EC} \cdot \text{T} \]
Where:
The heat pump operating cost refers to the total cost of running a heat pump over a specific period. This cost is calculated based on the power consumption of the heat pump, the cost of electricity, and the duration of operation.
Example:
Step 1: Calculate the operating cost:
\[ \text{HPOC} = \frac{2000}{1000} \cdot 0.12 \cdot 5 = 2 \cdot 0.12 \cdot 5 = 1.20 \text{ dollars} \]