A controller for equipment that operate to provide heating or cooling to a building or campus includes a processing circuit configured to obtain utility rate data indicating a price of resources consumed by the equipment to serve energy loads of the building or campus, obtain an objective function that expresses a total monetary cost of operating the equipment over an optimization period as a function of the utility rate data and an amount of the resources consumed by the equipment, determine a relationship between resource consumption and load production of the equipment, optimize the objective function over the optimization subject to a constraint based on the relationship between the resource consumption and the load production of the equipment to determine a distribution of the load production across the equipment, and operate the equipment to achieve the distribution.