This document presents a thermoeconomic analysis of replacing equipment in a cogeneration system at a university campus. The existing cogeneration system uses a gas turbine to generate approximately one-third of the campus' electricity needs and produces steam for use on campus. The analysis evaluates different gas turbine models to determine the best replacement option based on factors like payback period, annual savings, and exergetic manufacturing cost. Equations related to the thermodynamics and economics of the cogeneration system are provided.