A data center power cost accounting system uses server and storage and cooling power consumption models and device maps, together with runtime application maps, to estimate the equipment power consumption and cooling power consumption of individual applications. An approximation of the cooling cost over a period of time, for any given application, can be pieced together by adding up the equipment utilized by the application and applying the cooling estimates obtained from computational fluid dynamics (CFD) simulations. The cooling estimates can further account for changes or variability in resource usage over time since the cooling estimates are based directly on utilization. The per application power consumption costs are obtained without having to install or depend on power measurement instruments or other hardware in the datacenters.