A simple, fast, and accurate process simulation based cost estimation and optimization scheme was developed in Aspen HYSYS based on a detailed factorial methodology for solvent-based CO2 absorption and desorption processes. This was implemented with the aid of the spreadsheet function in the software. The aim is to drastically reduce the time to obtain cost estimates in subsequent iterations of simulation due to parametric changes, studying new solvents/blends and process modifications. All equipment costs in a reference case are obtained from Aspen In-Plant Cost Estimator V12. The equipment cost for subsequent iterations are evaluated based on cost exponents. Equipment that are not affected by any change in the process are assigned a cost exponent of 1.0 and the others 0.65, except the absorber packing height which is 1.1. The capital cost obtained for new calculations with the Iterative Detailed Factor (IDF) model are in good agreement with all the reference cases. The IDF tool was able to accurately estimate the cost optimum minimum approach temperature based on CO2 capture cost, with an error of less than 0.2%.