Elastic energy and irreversible energy are quantified based on calorimetric measurements. We analyze energetics for each stage of the stress-free, thermally induced two-stage phase transformation A ⇔ R ⇔ B19′ in an aged Ni-rich NiTi shape memory alloy. Heating/cooling rates are imposed from 1 K/min up to 100 K/min. We compare energetic analysis after multiple thermal cycles to virgin (i.e., first-cycle) material. Fundamental thermodynamic formulations are applied from two perspectives: the free energy change dG, and the rate of change of free energy expressed as dG/dfm. Two measures of irreversible contributions are defined: the difference between the forward and reverse transformation heats, and the product of the entropy and the thermal hysteresis. Higher values are determined for the former. For scan rates of 10 K/min and greater, the energetic values become relatively stable. Substantial variations are evident at 1, 5, and 10 K/min. The scan rate impacts the elastic strain energy and irreversible energy of the B19′ markedly compared with the R-phase transition. The findings are rationalized considering morphologic changes at the lower scan rates and the impacts on elastic and irreversible energies.