One approach to effectively control the rapid expansion of water hyacinth is to use it as a feedstock in producing valuable goods. While it is technically feasible to produce bioethanol using water hyacinth, the economic feasibility of this valorization is yet unknown. This article conducted an ex-ante cost-benefit analysis of the production of bioethanol from water hyacinth. The results show that in comparison with the active control approach of collection and landfill, it is economically feasible to produce bioethanol from the collected biomass. In addition to its contribution to energy diversification, the production of bioethanol using water hyacinth as a feedstock cannot only control the rapid expansion of water hyacinth but can also contribute to carbon emissions reduction and water quality improvement. While the production cost of bioethanol is high, environmental values play an important role in the economic justification of the production. The coupled use of water hyacinth as a phytoremediation plant and bioethanol feedstock is a potential response to green development strategies.