Combustion of waste for cogeneration of heat and power is the most convenient and practical choice to carry out through combined heat and power (CHP) plants. But, seasonal variation in heat demand throughout the year affects the operation of CHP plants. This fluctuation in the CHP operation cause less annual operating hours for the plant equipment and is also not profitable for stakeholders. This study aims to assess the technical potential of integrated gasification process with existing CHP plants for either dimethyl ether (DME) or methanol production through refuse-derived fuel (RDF). Process integration considers that the CHP plant provides the necessary heat for biofuel synthesis during off-peak hours. Mass and heat integration methods are used to develop and simulate the polygeneration processes for heat, power, and biofuel production. Both technical and economic indicators are reported and compared to assess the potential for both biofuels through process integration. Annual operation data of a real CHP plant has been extracted to evaluate the integrated processes. A flexible gasification configuration is selected for the integrated approach i.e. CHP runs at full load to provide the heat demand and only the excess heat of CHP plant is utilized for biofuel production. The energetic efficiencies of the polygeneration systems are compared with the standalone systems. Technical analysis of process integration shows the enhancement of the operational capacity of CHP during off-peak hours and it can produce biofuels without compromising the annual heat demand. Production of methanol through process integration shows similar to 67% energetic efficiency while methanol production gives similar to 65%. The efficiencies are higher than standalone DME and methanol processes (51% and 53%, respectively) but lower than standalone CHP plant i.e. 81%, however the process integration increases the operating time of the CHP plant with more economic benefits. Economic analysis coupled with uncertainty analysis through Monte Carlo simulations shows that by integrating CHP with gasifier to produce biofuels is significantly profitable as compared with only heat and electricity production. But, DME as a potential product shows more economic benefits than methanol. The uncertainty analysis through Monte Carlo simulations shows that the profitable probability of DME as a product in future is also greater than methanol due to higher DME selling price. The uncertainty analysis further shows that prices of DME and methanol with waste biomass prices in future will have a greater impact on the economic performance of the proposed polygeneration process.