We carry out systematic experimental and theoretical study of elastocaloric (eC) response in nematic liquid crystal elastomers (LCEs), which possess the elastic properties of elastomers combined with the orientational order of liquid crystals. The chemical linking of mesogens to the polymer backbone enables thermomechanical response yielding a large spontaneous change in the LCE geometry on varying the temperature. In LCEs, a relatively large eC effect could be obtained upon adiabatic application or removal of a stress field in the isotropic state near phase transformation to the more ordered state. In these cases a change in the isothermal entropy or adiabatic temperature is compensated with the temperature change of liquid crystal elastomers. This effect could be exploited towards soft condensed state cooling technologies that gain increasing interest due to environmental issues, low-cost and low stimuli field. In the present study we measure directly the elastocaloric temperature change. Experimental measurements are interpreted using a modified Landau-de Gennes mesoscopic model taking into account both internal and external stress fields. Our systematic study identifies conditions yielding responsivity of a few K/MPa, which is two orders of magnitude larger than in the shape memory alloys, the most intensively studied materials for this effect.