The main objective of this paper is to establish an economic modelling of wave energy through a Geographical Information System (GIS). Furthermore, this method has been tested for the particular case of the Portuguese coast. It determines the best sea areas to install wave energy converters in this region, using spatial analysis of the Levelized Cost of Energy (LCOE). Several economic parameters, as capital or O&M costs, have been considered. In addition, a sensitivity analysis has been performed by varying the discount rate in three different scenarios. Several types of physical restrictions have been taken into account: bathymetry, submarine electrical cables, seabed geology, environmental conditions, protected areas in terms of heritage, navigation areas, seismic fault lines, etc. Spatial operations have been carried out to complete the procedure, using Model Builder of GIS software. Results indicate the most suitable areas in economic terms in Portugal to install wave energy devices.