In this paper, a low-cost impedance spectroscopy system(LCISS) suitable for modeling the electrochemical power sources such as fuel cells, batteries and supercapacitors is designed and implemented. Since the developed LCISS is composed of simple sensor circuits, commercial data acquisition board and LabVIEW software, a graphic language with powerful HMI(Human-Machine Interface), it is expected ta be widely used in substitution of the expensive EIS instruments. In the proposed system, the digital lock-in amplifier is adopted to achieve the accurate measurements even in the presence of the high level of noises. The developed hardware and software is applied to measure the impedance spectrum of the Ballard Nexa 1.2kW proton exchange membrane fuel cell stack and an equivalent impedance model is proposed based on the measurement results. The validity of the proposed equivalent circuit and the developed system is proven by the measurement of the ac power losses of the PEM fuel celt stack by the ripple current.