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• Thermal performance of the proposed hot water storage was evaluated experimentally. • Proposed solution shows a 19% less total thermal loss than the centralised system. • Circulating pump in this solution consumes 11 times lower energy than centralised one. • The LCC of proposed solution is 6.1% lower than that of the centralised system. • Centralised system requires higher operating costs but a lower control system cost. The retrofit solution for domestic hot water (DHW) system in existing buildings requires to ensure the long-term energy security and efficiency as well as to minimise occupants' disturbance, construction works and installation costs. In this regard, the present study performs a techno-economic evaluation on a novel retrofit solution for DHW production in a pilot building. The proposed solution appoints a substantial role to the thermal energy storage through a 2-pipe hot water network utilisable for both DHW and heating purposes. The first storage level is provided by a centralised buffer storage supplied by a PV-BESS-driven heat pump while the second level consists of decentralised modular tanks installed in each dwelling for the production and storage of hot water. Firstly, experimental thermal performance of the proposed decentralised storages is investigated. By developing a dynamic simulation code, the energy efficiency of the proposed solution is compared to that of the existing system in the pilot building as well to that of a typical centralised system as a benchmark solution. Finally, economic analysis of the retrofit solution is performed to address capital expenditures of the system, including purchasing and installation costs, as well as its life cycle cost (LCC). The obtained results indicate that the proposed system reduces the annual energy consumption for DHW production more than 7,200 kWh, with respect to the existing DHW system. Furthermore, it is shown that, in the proposed system, the fraction of thermal loss from piping network decreases by 31.5%, compared to a typical DHW centralised system. Economic assessment of the proposed solution implies that this system, in terms of both mechanical and electrical components, requires 13.7% lower initial investment than a typical centralised system. However, the cost of control systems in this system is higher since it is inherently a control-based system. [ABSTRACT FROM AUTHOR]