Glycerol is an important by-product of biodiesel production. It is used in many industrial segments, but the increasing production of this chemical has become an issue of concern. Many studies have been done to give new applicability to this product; a promising field is the usage of glycerol for energy production. Therefore, this study evaluates the technical and economic feasibility of a new and potential proposal at the national level, the generation of electricity and heat, through a cogeneration system using glycerol. The results demonstrate the viability of this proposal, since the payback on capital invested obtained was approximately 4 years, with the possibility of reduction to 3 years when installed in regions with low infrastructure.