Many smart technologies have been introduced in buildings with the aim to reduce the energy and GHG emissions associated with their operation, particularly through improved control systems for regulating heating, ventilation and air conditioning (HVAC) equipment. Despite their energy saving potential, only a few studies have comprehensively assessed the costs associated with their practical implementation from a life cycle perspective. Accordingly, this study quantifies and compares the life cycle costs of a smart HVAC control system with that of a traditional control system, in the context of an Australian office building. For both systems, the required hardware are specified based on the characteristics of these systems and the layout of the serviced spaces in the reference building. The costs incurred over the period of assessment are quantified using the net present cost (NPC) approach. To evaluate the effects of these control systems on the operational energy costs of the building HVAC system, the control logics of both these systems are modelled through building energy simulations. The results show that, over the period of assessment, the smart control system incurred a higher total cost compared to the traditional control system. However, the findings from the simulations show that the HVAC energy cost savings achieved through the specification of the smart control system offset the additional cost incurred to deploy this system over the traditional control system. The smart control system resulted in HVAC operational cost savings between 9 % and 10 % compared to the traditional control system. Sensitivity analyses indicated that the total life cycle costs varied between −27 % and +50 %, with the discount rate and energy price increase rate being the most influential parameters.