The performance of a heat pump using river water as a heat source was compared with that of a conventional air-conditioner for cooling and a boiler system for heating. The heat pump system using river water considered the 1-stage cycle for cooling and the 2-stage cycle for heating. The COPs of the river water source heat pump were 0.5-1.1 higher than those of the conventional system in the cooling season. The LCC of the river water source heat pump system was lower 13.5% and 32.4% than that of the conventional system Ⅰand Ⅱ. In addition, when the initial cost ratios of the river water source heat pump system to the conventional system Ⅰand Ⅱ were less then 1.2 and 1.4, respectively, An acceptable payback was found to be less than 5 years.