This paper proposes a new bi-objective optimization model, trading-off cost and environmental impacts, for sizing the key electrical and thermal devices in a zero energy building (ZEB), i.e. a building that roughly generates as much renewable energy as it consumes annually. A salient novel feature is the consideration of the environmental impacts, computed through a rigorous life cycle assessment approach, of buying electricity from the grid and manufacturing devices. Furthermore, an enhancement of the proposed model, as compared to the existing models, is to prioritize storing the ZEB excess of energy rather than selling it to the grid. The proposed solution approach of the initial mixedinteger nonlinear programming model relies on McCormick relaxation linearization to obtain a more tractable mixed-integer linear model. An augmented ε-constraint method is applied to solve the obtained bi-objective model. Finally, considering the building owners' willingness-to-pay for environmental impacts, a decision-making criterion is proposed to select the optimal size of the devices among all non-dominated solutions of the Pareto front.