Regenerative electric heating projects are major livelihood projects that promote clean heating. However, current economic evaluation methods of thermal storage electric heating systems aren’t considering factors such as differences in the life of different equipment and related“coaltoelectricity”subsidy policies, which may lead to unreasonable investment and excessive heating costs for residents. An economic evaluation method of thermal storage electric heating schemes based on equivalent annual cost in life cycle is proposed. Firstly, the main equipment in the thermal storage electric heating system is modeled. Then, the economic evaluation model of the thermal storage electric heating based on equivalent annual cost in life cycle is proposed. Finally,the effectiveness of the proposed method is validated by an typical example.