Abstract: Considering the demands for the construction and development of new power systems with new energy as the main body, It′s a key issue to build a green and efficient distribution network and improve investment efficiency in the investment and construction of distribution network projects including renewable energy.In order to ensure the rationality of the investment return analysis results of the distribution network, an environmental safety efficiency cost benefit（ESECB） evaluation model was proposed considering the factors such as energy conservation and emission reduction based on the safety efficiency cost-benefit model.By combining typical feeder lines in the distribution network to evaluate investment returns of specific cases, the key factors affecting investment returns were analyzed, and the feasibility and rationality of the model in practical applications were verified.