Carbon capture and storage (CCS) technology is one of the practical solutions for mitigating the effects of global warming. When captured CO2 is injected into storage sites, the CO2 is subjected to a heating process. In a conventional CO2 injection system, CO2 cold energy is wasted during this heating process. This study proposes a new CO2 injection system that takes advantage of the cold energy using the Rankine cycle. The study compared the conventional system with the new CO2 injection system in terms of specific net power consumption, exergy efficiency, and life-cycle cost (LCC) to estimate the economic effects. The results showed that the new system reduced specific net power consumption and yielded higher exergy efficiency. The LCC of the new system was more economical. Several cases were examined corresponding to different conditions, specifically, discharge pressure and seawater temperature. This information may affect decision-making when CCS projects are implemented.