White and "green" (vegetated) roofs have begun replacing conventional black (dark-colored) roofs to mitigate the adverse environmental effects of dark and impervious urban surfaces. This paper presents an economic perspective on roof color choice, in particular the direct comparison of white and green roofs, by conducting a 50-year life-cycle cost analysis (LCCA). Using data collected from 22 flat roof projects in the U.S., we find that relative to black roofs, white roofs provide a 50-year net savings (NS) of $25/m 2 ($2.40/ft 2 ) and green roofs have a negative NS of $71/m 2 ($6.60/ft 2 ). An important implication is that green roofs never quite "pay." Despite lasting at least twice as long as white or black roofs and therefore requiring fewer replacements, green roofs cannot compensate for their sizable installation cost premium of $151/m 2 ($14/ft 2 ).However, while the 50-year NS of white roofs compared to green roofs is $96/m 2 ($8.90/ft 2 ), the annualized cost premium is just $3.20/m 2 -year ($0.30/ft 2 -year). This annual sum should not deter owners from reaping the environmental and aesthetic benefits of green roofs (such as enhanced biodiversity, greater carbon sequestration, and increased property value) that are not captured in this LCCA. Choosing between a white and green roof should therefore be based on the preferences of the building owner. If global warming is a priority, then an owner should choose white roofs, which are three times more effective than green roofs in cooling the globe. If local environmental benefits are favored, then an owner should choose green roofs, which offer builtin stormwater management and a "natural" urban landscape aesthetic. Although black roofs are more cost-effective than green roofs and even white roofs in rare cases, we strongly recommend building code policies that phases out dark-colored roofs in warm climates to protect against their adverse public health externalities.