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The coverage of center pivot irrigation systems used around the world has increased. One potential factor driving their adoption is improved water application efficiency relative to some other sprinkler or surface irrigation approaches. Center pivot irrigation systems may be further improved by dynamic elevation spray application (DESA). DESA systems adjust the nozzle height in response to plant growth and canopy heterogeneities. The DESA approach is relatively new and there is uncertainty in its economic viability and worthiness of further investigation. Thus, an economic scenario analysis was performed to explore the potential economic benefits of DESA based on permutations of irrigation pivot efficiency without DESA, water-saving potential of DESA, and water cost. The weighted costs and benefits of the height-adjusted approach for a set of water cost savings scenarios showed the net return price with the water cost savings per season. We show that DESA could have economic viability at current component costs and is worthy of further investigation and refinement.