In order to analyze the economics of electric energy substitution by users, a multi?agent economic analysis model based on cost flow is constructed. The economics of multiple participants is analyzed in the process of electric energy substitution reform. Taking the user as the main body, the calculation model of the critical electricity price based on the annual value analysis of the cost is constructed. Taking the government as the main body,the environmental benefit analysis model is constructed. Considering the economic benefits of different entities, an energy substitution economic analysis model based on financial evaluation index is constructed, and specific energy substitution cases are selected and analyzed.