The study aims to enhance the thermal/economic performance of a solar powered absorption heat pump used for the cooling/heating of a shopping center in Izmir. MATLAB and TRNSYS are used to simulate the system. First, borehole thermal energy storage is added to the system to store the heat rejected by the chiller condenser in summer for later use in winter. Secondly, cooling water out of a condenser is partially stored during an 8:00-16:00 working time, and cooled from 16:00 to 8:00 to take advantage of the lower ambient temperature at night. Lastly, chilled water storage is added to the system to level the cooling load. The study revealed that the borehole efficiency is 37%. Also, it enhanced the solar fraction in winter by 40% and increased the system cooling load to heat input ratio by 110%. The second study showed that operating a cooling tower at night can reduce cooling water temperature by 5°C. In the last study, producing chilled water 24h/day reduced the required cooling capacity of the chiller to 34% of its current capacity of 1020kW, thus increasing the capacity factor from 41% to 96%. A brief economic analysis showed that the levelized cost of cooling/heating is 0.034$/kWh and 0.049$/kWh for the system with chilled water storage and the system without chilled water storage respectively. This represented a cost reduction of 29%. Keywords: Solar Collector, Absorption Chiller, Thermal Storage, Capacity Factor, BTES.