The lack of quantitative data relating initial investment to long-term costs has raised concerns about green buildings’ long-term economic effectiveness. This study analyzed the operating, maintenance, rehabilitation, and total costs of 10 conventional, 20 energy-retrofitted, and three green Leadership in Energy and Environmental Design Toronto schools over 8 years. Although green schools’ operating, maintenance, rehabilitation, and total costs were 17, 20, 32, and 25% lower than conventional schools’ costs, respectively, the statistical analysis showed no statistically significant difference in these costs between conventional, energy-retrofitted, and green schools. There was a strong negative linear relationship between schools’ operating costs and age and a strong positive relationship between schools’ maintenance and rehabilitation costs. Results also showed statistically significant linear increases in maintenance and rehabilitation costs over time in conventional and energy-retrofitted schools, respectively. Fourteen years of savings in operating, maintenance, and rehabilitation costs were needed for green schools to recover their initial cost premium. The study recommended that future research analyze a larger sample of schools to assert the long-term profitability of the wider population of green buildings.