© 2022 Elsevier LtdIt has been crystal clear to everyone that ice storage systems provide significant advantages in reducing cooling costs, balancing energy supply and demand profiles, and shaving peak loads. As the main purpose of ice storage systems is for cooling purposes, separate heating systems, such as furnaces, heat pumps, electrical heaters, etc., are required for buildings with heating demands. This work offers to use an ice storage system in the heat pump as the energy source. Comprehensive thermodynamic and economic analyses are conducted to assess the proposed system. The proposed system is implemented in an office building in Istanbul, Turkey. Thermodynamic studies indicate that while the overall energetic and exergetic coefficient of performance (COP) values for the ice storage integrated air conditioning (AC) are calculated to be 4.57 and 2.04, respectively, they are 3.99 and 2.12 for the ice storage integrated heat pump. While the yearly operating cost for the traditional AC is 1.9 million TL, it is 0.5 million for the ice storage integrated AC. The annual natural gas consumption cost for heating is 295,000 TL, and 375,000 TL for the ice storage integrated heat pump. The payback period of the ice storage integrated AC and heat pump system is observed to be 4.5 years. It may provide almost 8 million TL savings at the end of 10 years. At the end of the present study, it is reached that the ice storage system has a promising potential to use in heat pumps as a low-temperature energy source. Also, it provides a more environmentally friendly heating operation as it does not require fossil fuels by removing the furnaces or provides higher COP for heat pumps.