A simplified nuclear fuel depletion model along with a unique economic model has been developed to perform nuclear fuel cost analyses. The depletion model is structured with a relatively inexpensive zero-dimensional depletion code (LEOPARD). In developing the economic model, particular recognition has been given to the utility accounting procedures, tax structure, and debt structure. The particular economic analysis demonstrated in this work has been limited to a small phase of the nuclear fuel cycle; however, additional work is being conducted to expand the basic concept to the entire fuel cycle. The economic model has shown great utility in analyzing the nuclear fuel leasing vs owning decision.