If you have a constant load, on premise is always cheaper. Scientific computation has, for a large enough organization, a 100%

If you have a variable load, cloud infrastructure may make sense if you can easily auto-scale.

In my experience, most business real world applications are multi tiered applications with variable loads hence are a good fit for cloud infrastructure.

However, attaining the required application flexibility and KPIs for efficient auto scaling is quite hard and require strong functional & technical expertise.