Advanced exergoeconomic analysis is based on costing of avoidable/unavoidable and endogenous/exogenous exergy destruction rates obtained with advanced exergy analysis. For this purpose, the unit cost of fuel of any system (cF) is used. In this study, a unit cost term, which is called as unit cost of entropy generation (cS), is assigned for exergy destruction rate and is used on costing of exergy destruction terms. Modified Productive Structure Analysis (MOPSA) thermoeconomic method is used to determine the unit cost of entropy generation value. Approach proposed in this study is applied to an electricity‐generating facility that operates with natural gas. As a result, the unit cost of entropy generation value for the considered system is calculated to be −1.5748 $/GJ. In addition, it is found that the exergy destruction cost rates obtained with approach proposed in this study are lower compared to that of advanced exergoeconomic analysis.