The lower heating value is the basic unit to calculate annual energy in estimating an energy gain factor. Reliability of an energy gain factor depends on the accuracy of the lower heating value. However, the deviation of heating value is large, and there is no common standard. Thus, the present methods of estimating the lower heating value (calorimeter method, ultimate analysis method, etc.) are inferior in accuracy. Besides, the conventional estimation method cannot reflect the waste's inhomogenous properties or seasonal effect. Hence, this study estimated the lower heating value on the basis of relation between heat input and heat output in equilibrium state by using the law of conservation of energy and the first law of thermodynamics for industrial waste incineration facilities (57 facilities) currently in operation. In the case of self-contained boilers, the lower heating value was an average of kcal/kg (1,984-6,476 kcal/ kg), and in case of separable boilers, the lower heating value was estimated to be an average of 3,787 kcal/kg (1,621- 486 kcal/kg).