In this study, the results of conventional and advanced exergoeconomic analyses of the performance of a pilot scale air-source heat pump food dryer were compared for the first time. The contributions of the components of the drying system to the exergetic cost effectiveness of the dryer were evaluated, and the effects of changing the inlet drying temperature were determined. The most important system component was determined to be the heat recovery unit, followed by the condenser with respect to the reducing potentials for the total costs of the overall system. Decreasing temperature caused an increase in the cost performance of drying. The modification of the system components for improving the efficiency of the system can be effectively determined through advanced exergoeconomic approach by stating the realistic potential improvements and the priorities in the system.