Based on the method of Net Annual Value and the efficiency evaluation factors of ground source heat pump system ( GSHP) ,this paper proposed a comprehensive benefit evaluation model. Taking a project in Tianjin as an example,an integrated comparison of GSHP and distributed cooling machine + municipal heating network system showed that the former had remarkable economic and environmental benefits. The increase earnings in NVA of GSHP was 162. 8 million yuan,saving annual operating costs of 51. 3 million yuan and standard coal of 481. 4t. The study analysed the FIRR of GSHP by using the sensitivity analysis method,providing a reference for optimizing the investment and evading risks.