A number of papers and reports covering the techno-economic analysis of bio-oil production has been published. These have had different scopes, use different feedstocks and reflected national cost structures. This paper reviews and compares their cost estimates and the experimental results that underpin them. A comprehensive cost and performance model was produced based on consensus data from the previous studies or stated scenarios where data is not available that reflected UK costs. The model takes account sales of bio-char that is a co-product of pyrolysis and the electricity consumption of the pyrolysis plant and biomass pre-processing plants. It was concluded that it should be able to produce bio-oil in the UK from energy crops for a similar cost as distillate fuel oil. It was also found that there was little difference in the processing cost for woodchips and baled miscanthus. ► Comprehensive cost model produces using data from a number of sources. ► Costs include pre-processing plant for woodchip and baled miscanthus. ► Cost include electricity consumed and sales of surplus bio-char. ► Product yields predicted for energy crops from published experimental data. ► Thermal model produced to estimate surplus bio-char production.