To integrate large shares of renewable energy sources in electric grids, large-scale and long-duration (4−8+ h) electric energy storage technologies must be used. A promising storage technology of this kind is pumped thermal electricity storage based on Brayton cycles. The paper’s novel contribution is in the techno-economic comparison of two alternative configurations of such storage technology. Liquid-based and solid-based pumped thermal electricity storage were studied and compared from the techno-economic point of view. The cost impacts of the operating fluid (air, nitrogen, and argon), power rating, and nominal capacity was assessed. Air was the most suitable operating fluid for both technologies, simplifying the plant management and achieving cost reductions between 1% and 7% compared to argon, according to the considered configuration. Despite a more complex layout and expensive thermal storage materials, liquid-based systems resulted in being the cheapest, especially for large applications. This was due to the fact of their lower operating pressures, which reduce the cost of turbomachines and containers for thermal energy storage materials. The liquid-based systems achieved a cost per kWh that was 50% to 75% lower than for the solid-based systems. Instead, the cost per kW benefited the solid-based systems up to nominal power ratings of 50 MW, while, for larger power ratings, the power conversion apparatus of liquid-based systems was again cheaper. This was due to the impact of the turbomachines on the total cost. The machines can represent approximately 70% of the total cost for solid-based systems, while, for liquid-based, approximately 31%. Since the cost of turbomachines scales poorly with the size compared to other components, solid-based systems are less suitable for large applications.