Green roofs are considered to be one of the optimal tools for saving energy and protecting the environment in developed countries. In this paper, an analysis of the possible application of green roofs on existing residential buildings with flat roofs is presented. In the economic analysis, models of existing buildings in Belgrade, with two different types of green roofs, are studied. A key indicator of investment profitability in this investigation is the net present value (NPV) of the green roof project. Besides the private economic impact, other aspects of green roof applications, significant for sustainable development, have been highlighted. The values of the reductions in the annual energy needed for heating and cooling are compared for different scenarios. A maximum energy saving of 22% in the heating season is determined in the building energy simulation program for the model with an intensive green roof. Life cycle profit analysis was based on the probabilistic approach. The corresponding variance-based sensitivity analysis determined the impact of various parameters on the final result. In all models, the first order sensitivity index, which measures the impact of the number of residential units on the NPV, ranges from 12.2% to 63.6%. Sensitivity analysis showed that the benefit of property value increase has the highest influence on the calculated NPV in scenarios that account for this benefit. The obtained results in those scenarios indicate that the most probable NPV at the end of the life cycle is EUR 43/m2 and EUR 82/m2 for extensive and intensive green roofs, respectively.