Small modular reactors (SMRs) refer to any reactor design in which the electricity generated is less than 300 MWe. Often medium-sized reactors with power less than 700 MWe are also grouped into this category. Internationally, the development of a variety of designs for SMRs is booming with many designs approaching maturity and even in or nearing the licensing stage. It is for this reason that a generalized yet comprehensive economic model for first-of-a-kind (FOAK) through nth-of-a-kind (NOAK) SMRs based upon rated power, plant configuration, and the fiscal environment was developed. In the model, a particular project's feasibility is assessed with regards to market conditions and by commonly utilized capital budgeting techniques, such as the net present value (NPV), internal rate of return (IRR), Payback, and more importantly, the levelized cost of energy (LCOE) for comparison to other energy production technologies. Finally, a sensitivity analysis was performed to determine the effects of changing debt, equity, interest rate, and conditions on the LCOE. The economic model is primarily applied to the near future water-cooled SMR designs in the United States. Other gas-cooled and liquid metal-cooled SMR designs have been briefly outlined in terms of how the economic model would change.