A thermoeconomic analysis of a water to water heat pump are performed under different condenser and evaporator conditions. Experiments are realized for different volumetric inlet temperatures of 14.4, 17 and 19 C and different volumetric flow rates of 50, 100, 150 lt/h for condenser cooling water. Same inlet temperatures with condenser cooling water are used for evaporator water inlet, while constant volumetric flow rate of 100 lt/h is used for each case. Modified Productive Structure Analysis (MOPSA) is used for thermoeconomic analysis. It is found that increases in inlet temperature and in volumetric flow rate cause to decrease in both the unit cost of heat delivered ( H C ) and the unit cost of entropy generation ( S C ). As a result, in the case of inT =14.4 C and  = 50 lt/h, H C and S C values are obtained to be 0.0489 $/kWh and 0.0221 $/kWh, respectively, while HC and
S C values are obtained to be 0.0385 $/kWh and 0.0175 $/kWh for inT =19 C and  = 150 lt/h, respectively.