A finite temperature difference heat transfer method and irreversibility analysis have been developed for investigating the effects of subcooling on coefficient of performance, cooling water pressure drop of condenser, and heat exchanger area for R1234yf, R1234ze, R22, R134a, and R410A in a single vapor-compression refrigeration system. In order to satisfy the increasing cooling load for subcooling in a condenser, the heat exchanger size or cooling water pumping power that corresponds to initial cost or operating cost, respectively, is increased. The optimum degree of subcooling in a refrigeration system with superior performance and least initial cost or operating cost is obtained numerically. The results show that the maximum coefficient of initial cost saving and coefficient of operating cost saving and their corresponding optimum degree of subcooling increase with condensation temperature. At a higher inlet temperature of cooling water, the optimum degree of subcooling turns out to be smaller for all refrigerants. The results are expected to facilitate the prospective design of a vapor-compression refrigeration system for using alternative refrigerants.