A cogeneration system including a generator, a drive source operating to drive the generator, and thus, to cause the generator to generate electricity, a heat pump type air conditioner including a compressor, a 4-way valve, an indoor heat exchanger, an expansion device, and an outdoor heat exchanger, a heater to heat air, which has passed around the indoor heat exchanger after completing heat exchange with the indoor heat exchanger, and a waste heat recoverer to recover waste heat of the drive source during a heating operation of the heat pump type air conditioner, and to supply the recovered waste heat to the heater. The waste heat of the drive source can be re-used to heat air passing through the indoor heat exchanger, so that the heating performance of the heat pump type air conditioner is enhanced.