In this study, a cost effectiveness analysis is conducted for an air-conditioning system equipped with a water mist generating device. System simulationscoupled with computational fluid dynamics are utilized to study air conditioner power-saving benefits versus water cost. A k-? turbulence model, speciestransport equations, and a discrete phase model are solved simultaneously to capture heat and mass transfer effects in CFD. A parametric study iscarried out by varying the spray water droplet diameter, the ambient dry bulb temperature, the ambient relative humidity, the spraying water amount, thewater temperature, and the spray system’s location. After calculating air temperature drop and humidity ratio increase by the water spray, asystem simulation is conducted to estimate the power consumption reduction and the capacity enhancement for each condition. This study deduces theoperating condition should be carefully selected to save the total cost of air-conditioning equipment operation.