The present study has been conducted economic analysis through actual operation of electric heat pump (EHP) and gas engine driven heat pump (GHP) which are installed at the same building in the university. Cost items, such as initial cost, annual energy cost and maintenance cost of each system are considered to analyze life cycle cost (LCC) and economical efficiencies are compared. The initial cost is considered on the basis of actual cost, and annual energy cost is converted into the cost after measuring electricity and gas consumption a day LCC applied present value method is used to assess economical profit of both of them. Variables used to LCC analysis are electricity cost escalation rate, natural gas cost escalation rate, interest rate, and service lives when each of them are 4%, 2%, 8%, and 20 years. The result shows that EHP (148,257,306 won) is more profitable than GHP (161,239,296 won) by 8.05% (12,981,990 won).