There are many scenarios and profit modes for the application of energy storage on the customer side. With the maturity of energy storage technology and the decreasing cost, whether the energy storage on the customer side can achieve profit has become a concern. This paper proposes an economic analysis method of energy storage which is suitable for diversified profit modes containing peak-valley arbitrage, initial investment subsidy, power grid compensation, etc. This method takes energy storage capacity attenuation, capacity income, tax deduction and exemption into consideration. On this basis, the economy of customer side energy storage in typical provinces of China is analyzed, and the combination of profit modes is optimized to achieve optimal cost-benefit.