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This article deals with the possibilities the lighting retrofit and the life cycle cost analysis economic analysis in the process of increasing the energy efficiency of buildings. It contains basic information about lighting retrofit and the life cycle cost analysis and its implementation for cost estimation for a building lighting system. The accuracy of the life cycle cost analysis was verified on three lighting systems. The first system consisted of an old (original) lighting system that was commonly used in office buildings. The other two lighting systems are based on the concept of retrofit lighting. One system is based on switching according to the movement of people and the other system is based on sensing daylight and maintaining the intensity of lighting at the prescribed level. By measuring the power consumption of these systems, data of power consumption were obtained. The data from life cycle cost analysis were obtained by calculation. Finally, the results between each measurement and data from life cycle cost analysis were evaluated and compared. After compared the data, the resulting accuracy of life cycle cost analysis was determined. The last aim was to determine its suitability for other use in modernization, retrofit, design of new lighting systems, and in the process of increasing energy efficiency of buildings.