The objective of this case study was to examine the economics of three lignocellulose-to-ethanol conversion technologies: fast pyrolysis integrated with a fermentation step, simultaneous saccharification and fermentation (SSF), and dilute sulfuric acid hydrolysis and fermentation. All technologies were assumed to have an annual production rate of 25 million gallons of ethanol. The three technologies were compared in terms of capital costs, operating costs, and ethanol production costs. Sensitivity analyses were carried out to study the uncertainties of wood costs and ethanol production rates on ethanol production costs. Final economic analysis showed that fast pyrolysis integrated with a fermentation step is comparable with the other two processes and suggests that it should be considered for further development.