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In this study, the feasibility of thermal energy utilization in river source was investigated by evaluating the performance of a river source heat pump (RSHP) system. The performance of the RSHP system is evaluated with the validated WSHP model and the actual demand of an office building. The system performance is comprehensively analyzed in terms of the life cycle performance, considering energetic, environmental, and economic metrics. The energy consumption is converted to the primary energy consumption (PEC). The environmental impact is represented as CO2 emissions based on life cycle climate performance (LCCP). The economic feasibility is derived in terms of the net present value (NPV), internal rate of return (IRR), and payback period (PBP) based on the life cycle cost (LCC). When the RSHP system was applied to office building, the energy consumption and CO2 emissions were reduced by 6.9% and 10.5%, respectively. The results of the economic feasibility study presented a net present value of $10,587,848, an internal rate of return of 20.5%, and a payback period of 5.3 years. In addition, the WSHP system is evaluated under various water source temperature and utility rate conditions for further investigation. The parametric study showed the maximum improvement of the energy consumption, CO2 emissions, and economics are expected to be 16.4%, 19.6%, and 15.2%, respectively.