Electric chillers and thermal energy storage (TES) tanks are important equipment for gas district cooling plants. One feasible way of assessing the critical parameters that define the performance of TES is performing life cycle costing (LCC). First, the LCC model for electrical chillers and TES were developed in this study using the capital and operational expenditures. Random fluctuations in the cost were then introduced to account for the cost and demand changes. The fluctuations were assumed to be increasing with operating years only. The developed model was also validated against the data from the GDC plant of Universiti Teknologi PETRONAS for two scenarios at the GDC plant. Finally, the breakeven analysis was performed. Therefore, for the project to be feasible, the plant should be operated in at least two shifts until economic life is achieved. © 2021, The Korean Society of Mechanical Engineers and Springer-Verlag GmbH Germany, part of Springer Nature.