To solve the problems of a single mode of energy supply and high energy cost in the park, the investment strategy of power and heat hybrid energy storage in the park based on contract energy management is proposed. Firstly, the concept of energy performance contracting (EPC) and the advantages and disadvantages of its main modes are analyzed, and the basic scheme of EPC for parks is proposed combined with the actual demand. Furthermore, the multiple energy storage model for power and heat storage in parks is established, which includes lithium batteries and heat storage tanks. Based on this, minimizing the annual operation cost of parks is taken as the optimization goal, and the capacity optimization model for power and heat storage is constructed, which considers the investment costs, operation and maintenance costs, purchased energy costs, peak-shaving subsidy, and environmental subsidy. Finally, an industrial park is selected as an example of EPC to verify the effectiveness of our proposed investment strategy. The results show that compared with the situation before the energy-saving renovation, the park can save 35.14 ten thousand CNY in annual cost expenses. When the unit power price of the lithium battery exceeds 3900 CNY/kW, the unit capacity price exceeds 5460 CNY/kWh, the unit power price of the heat storage tank (HST) exceeds 6000 CNY/kW, and the unit capacity price exceeds 1000 CNY/kWh, the configuration of the lithium battery and HST in the park is no longer the optimal choice to perform the energy-saving renovation.