This paper presents the work on evaluating the LCC (Life-Cycle Cost) of a heat pump system as unutilized energy system. The river water as an unutilized energy source was used for the heat source of heat pump system. LCC analysis is a concrete method for evaluating the economical efficiency of energy facilities of building. The present case study shows an example of adequate use of the LCC analysis on a heat pump system and conventional gas boiler and refrigerator for building heat supply. A life cycle of 20 years was used to calculated net present value of energy cost. Over a 20 year life cycle, the energy cost could be reduced by 612 million won if a heat pump system were used instead of a conventional boiler and an absorption refrigerator.