The best replacement for cost of capital is discount rate.

The best alternatives to cost of capital are rated as following:
★★★★★  discount rate
★★★★  cost of debt
★★★  wacc
★★★  cost of equity
★★  irr
★★  weighted average cost of capital
★★  hurdle rate
★★  required rate of return
★  marginal cost of capital
★  opportunity cost
★  rate of return
  return on capital
  required return
  cost of funds
  internal rate of return
  return on equity
  low cost of capital

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Speaking about cost of capital, one probably shouldn't forget about flotation costs.

Other search terms related to cost of capital and their ratings are:
★★★★★ flotation costs
★★ irr
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cost of capital
discount rate
cost of debt